Key Points
- U.S. banks including JPMorgan Chase and Citigroup showed no signs of capitulation to President Donald Trump’s mandate of a 10% cap on credit card interest rates.
- Five days after the original threat, bankers and their lobbyists told CNBC that they have yet to receive any formal or written guidance from the Trump administration about the policy.
- The financial sector is keenly focused on two upcoming events for a sense of how the credit card battle will unfold, sources tell CNBC: Senate meetings and the World Economic Forum in Davos.
