""An interest rate cap is not something that we would, or could, support, frankly," he said on a call with reporters ahead of the bank's fourth-quarter earnings call at 11 a.m. "At the end of the day, I think an interest rate cap would restrict access to credit to those who need it the most, and frankly would have a deleterious impact on the economy.""
"Mason said multiple times that he did not want to speculate on the impact of the potential cap, given the limited available information. He said that Citi would work with the Trump administration to address the "important issue" of affordability. Reporters asked Mason about the cap multiple times, and he repeatedly said it would likely not help customers most in need, as is Trump's stated intention."
Citi Chief Financial Officer Mark Mason warned that a proposed 10% cap on credit card interest rates would restrict access to credit and have a deleterious impact on the economy. Mason said Citi could not support such a cap while emphasizing the importance of affordability and saying the bank would work with the Trump administration on that issue. He declined to speculate on impacts given limited information and repeated that reporters' questions suggested a cap would likely not help the most needy. JPMorgan's CFO gave a similar warning. Citi reported a 13% profit decline in Q3 and strong investment banking revenue growth.
#credit-card-interest-rate-cap #consumer-credit-access #citi-earnings #investment-banking-performance
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