Consumer Finance and Credit Cards

Bank of America is reportedly weighing a new credit card that would carry a 10% APR after President Trump urged a one‑year 10% cap to take effect Jan. 20, but banks have largely left rates unchanged amid no statute, regulation or clear enforcement mechanism and legal experts and the CFPB say it’s unclear a president can unilaterally impose such a limit. Economists and industry groups say a hard cap could save consumers tens to hundreds of billions annually (Vanderbilt estimates about $100 billion) yet would slash bank revenue, prompt credit‑line cuts or higher‑cost alternatives, and has drawn sharp pushback from Wall Street even as some lawmakers and fintechs move to align with the proposal.