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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.