{"id":3102,"date":"2026-01-13T16:35:22","date_gmt":"2026-01-13T16:35:22","guid":{"rendered":"https:\/\/www.finznest.com\/blog\/jpmorgan-chase-says-banks-could-fight\/"},"modified":"2026-01-13T16:35:22","modified_gmt":"2026-01-13T16:35:22","slug":"jpmorgan-chase-says-banks-could-fight","status":"publish","type":"post","link":"https:\/\/www.finznest.com\/blog\/jpmorgan-chase-says-banks-could-fight\/","title":{"rendered":"JPMorgan Chase says banks could fight"},"content":{"rendered":"<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 in 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 on 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<\/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 in a call [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3103,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[1151,423,1658,422],"class_list":["post-3102","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-banks","tag-chase","tag-fight","tag-jpmorgan"],"_links":{"self":[{"href":"https:\/\/www.finznest.com\/blog\/wp-json\/wp\/v2\/posts\/3102","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.finznest.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.finznest.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.finznest.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.finznest.com\/blog\/wp-json\/wp\/v2\/comments?post=3102"}],"version-history":[{"count":0,"href":"https:\/\/www.finznest.com\/blog\/wp-json\/wp\/v2\/posts\/3102\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.finznest.com\/blog\/wp-json\/wp\/v2\/media\/3103"}],"wp:attachment":[{"href":"https:\/\/www.finznest.com\/blog\/wp-json\/wp\/v2\/media?parent=3102"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.finznest.com\/blog\/wp-json\/wp\/v2\/categories?post=3102"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.finznest.com\/blog\/wp-json\/wp\/v2\/tags?post=3102"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}