Under threat from Trump, Wall Street banks wager they can fend off credit card price controls

Core Viewpoint - Major U.S. banks are resisting President Trump's directive to lower credit card interest rates, indicating a potential conflict as he prepares for a global appearance at Davos [1][2]. Group 1: Bank Responses - Executives from JPMorgan Chase and Citigroup have stated that instead of complying with a 10% interest rate cap, they may close many customer accounts, with Citigroup's CFO Mark Mason emphasizing that such a cap would limit credit access for those in need and negatively impact the economy [2]. - JPMorgan's CFO Jeremy Barnum mentioned that the banking industry is prepared to defend itself legally if necessary, indicating that all options are being considered in response to the proposed interest rate cap [3]. Group 2: Political Context - President Trump has intensified his criticism of banks, claiming they are exploiting credit card borrowers, as part of his strategy to address voter concerns about affordability ahead of the midterm elections [4]. - Despite the threats from Trump, bankers and lobbyists have reported that they have not received any formal guidance from the Trump administration regarding the interest rate cap, leading to speculation that the administration may not be serious about pursuing this policy [5].