Why Bank CEOs Are Carefully Push Back on Trump’s Credit-Card Rate Cap

Bank executives are tiptoeing around President Trump’s call to temporarily cap credit-card interest rates at 10%, opposing the idea while making sure not to antagonize the White House.

“First of all, I think we all agree that the underlying issue of focusing on affordability…is a real issue,” Wells Fargo Chief Executive Charlie Scharf said on a call with reporters Wednesday when asked about a rate cap. “And so, what the right response to that is something that we do think should be carefully considered.”