JPMorgan CFO warns Trump's proposed credit card cap could cause people to 'lose access to credit' [FOX Business Network]
JP Morgan Chase & Co. (JPM)
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Source: FOX Business Network
JPMorgan CFO Jeremy Barnum warned Tuesday that President Donald Trump's push to put a 10% cap on credit card interest rates could hurt the broader economy and reduce access to credit. "What's actually simply going to happen is that the provision of the service will change dramatically. Specifically, people will lose access to credit, like on a very, very extensive and broad basis, especially the people who need it," Barnum said during a call tied to the bank's fourth-quarter earnings release. Barnum said this could create a "severely negative consequence for consumers and, frankly, probably also a negative consequence for the economy as a whole." He also noted that this would also present a "significant" challenge for JPMorgan's credit card business. "I think it should be obvious that that would also be bad for us. I'm not going to get into quantifying, but in a narrow sense, this is a big business for us. It's a very competitive business, but we wouldn't be in it if it weren
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JPM
Earnings
- 1/13/26 - Miss
JPM
Sec Filings
- 1/13/26 - Form 424B2
- 1/13/26 - Form 424B2
- 1/13/26 - Form FWP
- JPM's page on the SEC website