{"id":2625,"date":"2026-01-14T02:01:29","date_gmt":"2026-01-14T02:01:29","guid":{"rendered":"https:\/\/finzexpert.com\/blog\/jpmorgan-chase-says-banks-could-fight\/"},"modified":"2026-01-14T02:01:29","modified_gmt":"2026-01-14T02:01:29","slug":"jpmorgan-chase-says-banks-could-fight","status":"publish","type":"post","link":"https:\/\/finzexpert.com\/blog\/jpmorgan-chase-says-banks-could-fight\/","title":{"rendered":"JPMorgan Chase says banks could fight"},"content":{"rendered":"\n<div id=\"RegularArticle-ArticleBody-5\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-5-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"\/><\/p>\n<div class=\"group\">\n<p><span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\">JPMorgan Chase<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"\/><\/button><\/span><\/span><\/span> CFO Jeremy Barnum hinted Tuesday the industry could fight President Donald Trump&#8217;s demand for credit card price controls, saying &#8220;everything&#8217;s on the table.&#8221; <\/p>\n<p>&#8220;If you wind up with weakly supported directives to radically change our business that aren&#8217;t justified, you have to assume that everything&#8217;s on the table,&#8221; Barnum said on a call with reporters following JPMorgan&#8217;s fourth-quarter earnings report. &#8220;We owe that to shareholders.&#8221;<\/p>\n<p>Barnum was responding to a question about whether banks would choose to litigate to block Trump&#8217;s demand, made late Friday, that card companies cap interest rates at 10% for a year. Last year, the industry successfully fought efforts by the Consumer Financial Protection Bureau to cap card late fees.<\/p>\n<p>Banks and industry insiders say that an interest rate limit would result in fewer credit card accounts for Americans and a dip in spending for the U.S. economy, as companies would simply pull accounts rather than offer them at an unprofitable level.<\/p>\n<p>The average credit card rate nationally is 19.7% as of this month, according to a weekly\u00a0survey\u00a0from Bankrate.com, while rates for subprime borrowers and store-specific cards are typically higher.<\/p>\n<p>&#8220;Our belief is that actions like this will have the exact opposite consequence to what the administration wants for consumers,&#8221; Barnum said. &#8220;Instead of lowering the price of credit, we&#8217;ll simply reduce the supply of credit, and that will be bad for everyone: consumers, the wider economy, and yes, at the margin, for us.&#8221;<\/p>\n<p>The CFO declined to directly answer a question on whether JPMorgan would comply with Trump&#8217;s demand, which has a proposed Jan. 20 start date. Banks that don&#8217;t follow the directive are &#8220;in violation of the law,&#8221; Trump told reporters Sunday.<\/p>\n<p>Still, it&#8217;s unclear how Trump&#8217;s mandate would be enforced. There is no U.S. law capping card rates, though a bill was introduced last year from Sen. Josh Hawley of Missouri and Sen. Bernie Sanders of Vermont that would limit card APRs at 10% for five years. That bill is stalled in Congress.<\/p>\n<p>Other voices in the corporate and political realms began addressing the possible impact of Trump&#8217;s rate cap on Tuesday. <\/p>\n<p>Beyond banks, airlines and retailers rely on revenue from card partnerships to bolster profit. For instance, <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-11\">Delta Air Lines<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"\/><\/button><\/span><\/span><\/span> said Tuesday that its <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-12\">American Express<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"\/><\/button><\/span><\/span><\/span> partnership produced $8.2 billion in revenue last year.<\/p>\n<p>Delta CEO Ed Bastian said on an earnings call that the cap would &#8220;upend the whole credit card industry &#8230; I don&#8217;t see any way we could even begin to contemplate how that would be implemented.&#8221;<\/p>\n<p>House Speaker Mike Johnson struck a note of caution when asked about the issue at a news conference.<\/p>\n<p>&#8220;We have a lot of work to go [on] consensus around it, but you got to be very careful as we go forward in that in our zeal to bring down costs \u2014 you don&#8217;t want to have negative secondary effects,&#8221; Johnson said. <\/p>\n<p><em>\u2014 CNBC&#8217;s Emily Wilkins and Leslie Josephs contributed to this report. <\/em> <\/p>\n<\/div>\n<div role=\"region\" aria-labelledby=\"Placeholder-ArticleBody-Video-108251326\">\n<div role=\"button\" tabindex=\"0\" id=\"Placeholder-ArticleBody-Video-108251326\" class=\"PlaceHolder-wrapper\" data-vilynx-id=\"7000400594\" data-test=\"VideoPlaceHolder\">\n<div class=\"InlineVideo-videoEmbed\" id=\"InlineVideo-0\" data-test=\"InlineVideo\">\n<div class=\"InlineVideo-wrapper\">\n<div class=\"InlineVideo-inlineThumbnailContainer\"><span class=\"InlineVideo-videoButton\"\/><span\/><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>JPMorgan Chase CFO Jeremy Barnum hinted Tuesday the industry could fight President Donald Trump&#8217;s demand for credit card price controls, saying &#8220;everything&#8217;s on the table.&#8221; &#8220;If you wind up with weakly supported directives to radically change our business that aren&#8217;t justified, you have to assume that everything&#8217;s on the table,&#8221; Barnum said on a call [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2626,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[422,1639,2193,1638],"class_list":["post-2625","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan","tag-banks","tag-chase","tag-fight","tag-jpmorgan"],"_links":{"self":[{"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/posts\/2625","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/comments?post=2625"}],"version-history":[{"count":0,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/posts\/2625\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/media\/2626"}],"wp:attachment":[{"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/media?parent=2625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/categories?post=2625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/tags?post=2625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}