Big banks push back on Trump's credit card cap, warning of 'significant' economic slowdown

Some of America’s top bankers are warning that the president’s cap on credit card interest rates would prove disastrous for lower-income consumers and the US economy — not to mention their profits. Faced with President Trump’s proposal to slash their credit card interest rate fee income days before reporting fourth quarter earnings, senior executives for the nation’s four largest banks — JPMorgan Chase (JPM), Citigroup (C), Bank of America (BAC), and Wells Fargo (WFC) — all said they agree that affordabil ...