JPMorgan pushes back on Trump proposal for credit card fee cap: ‘Everything is on the table'

Core Viewpoint - JPMorgan Chase is opposing President Trump's proposed 10% cap on credit card interest rates, arguing it would negatively impact consumers and necessitate significant changes to the bank's credit card operations [1][2][4]. Group 1: JPMorgan's Position - JPMorgan's Chief Financial Officer Jeremy Barnum stated that the proposed cap would be "very bad for consumers" and the economy [1]. - Barnum indicated that if the cap were implemented, the bank would have to make substantial changes to its credit card business [2]. - CEO Jamie Dimon supported Barnum's comments, emphasizing that the bank would need to adjust its business model to account for the increased risks and price controls [4]. Group 2: Market Context and Legislative Pressure - As of 2025, JPMorgan held approximately $211 billion in outstanding credit card balances, representing about 18% of the U.S. market [6]. - The bank's U.S. credit card loan book was around $235 billion as of Q3 2025, with expectations of growth following the acquisition of Apple's credit card portfolio [7]. - President Trump is advocating for the Credit Card Competition Act, which aims to allow retailers to route transactions away from Visa and Mastercard, potentially disrupting the current fee structure [10][11][13]. Group 3: Market Reactions - The renewed legislative push has caused market fluctuations, with Visa shares down nearly 4% and Mastercard's stock down over 3.5% [16].