May 21, 2025

Joint Trades Opposition Letter to Credit Card Rate Cap Amendment

ICBA and other trade groups serving hundreds of millions of U.S. consumers expressed united opposition to an amendment to the GENIUS Act that would impose government price controls on credit card products.

Amendment 2239 to S. 1582 would impose a 10% all-in annual percentage rate cap for credit cards, which would severely restrict the availability of this type of credit for everyday consumers and effectively harm the very people the amendment seeks to protect.