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

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.

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