""It's a very competitive business, but we wouldn't be in it if it weren't a good business for us. And in a world where price controls make it no longer a good business, that would present a significant challenge," Jeremy Barnum, the CFO, told analysts and shareholders during the company's fourth-quarter earnings call. "Clearly beyond that, you know, the way we actually respond would have a lot to do with the details. And I just don't think we have enough information at this point.""
"On Friday, President Donald Trump said in a Truth Social post that he would call for a 10% cap on credit card interest for one year, starting on January 20. Congress would typically need to approve such a cap, which would eat into banks' profits. Lawmakers from both parties have criticized card interest rates, which have sat around 20% in recent years, according to Bloomberg."
JPMorgan Chase reported strong fourth-quarter results and entered 2026 favorably. CFO Jeremy Barnum warned that an interest-rate cut or regulatory price controls on credit cards could render the cards business unprofitable and pose a significant challenge for the bank. Barnum said a dramatic shift in the rates lenders charge could produce negative consequences for consumers, particularly those who rely most on card credit. JPMorgan is taking over the Apple Card from Goldman Sachs. President Trump proposed a temporary 10% cap on credit card interest beginning January 20, which would require congressional approval and reduce bank profits amid bipartisan criticism of roughly 20% card rates.
Read at Business Insider
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