ICBA and other trade groups expressed opposition to an amendment to the GENIUS Act that would impose government price controls on credit card products.
ICBA, groups oppose price controls on credit card products
May 22, 2025 / By ICBA
ICBA and other trade groups expressed opposition to an amendment to the GENIUS Act that would impose government price controls on credit card products.
ICBA and other trade groups expressed opposition to an amendment to the GENIUS Act that would impose government price controls on credit card products.
Background: Amendment 2239 to S. 1582, introduced by Sen. Josh Hawley (R-Mo.), would impose a 10% all-in annual percentage rate cap for credit cards.
Joint Letter: In a letter to Senate leaders, ICBA and the other groups noted:
Research clearly shows that government price setting, even APR caps, hurts consumers.
Credit cards are a primary vehicle for expanding financial inclusion.
Interest rate caps hurt consumers and have disproportionate negative effects on high‐risk borrowers, the population they are intended to help.
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