In a Truth Social post, President Donald J. Trump resurged an idea he introduced on the campaign trail of capping credit card interest rates at 10%. He recently posted in-part, “Effective January 20, 2026, I, as President of the United States, am calling for a one year cap on Credit Card Interest Rates of 10%.” The post comes as President Trump and his Administration work to address affordability.
Following the President’s post, the Nebraska Credit Union League (League) communicated directly with Nebraska’s Congressional Delegation urging their opposition to imposing an 10% interest rate cap on credit cards citing that doing so would have a chilling effect on credit unions offering low-cost credit cards to their members who have credit challenges. In their communication, the League stated, “a 10% interest rate cap would reduce credit availability and be devastating for millions of American families and small business owners who rely on and value their credit cards, the very consumers this proposal intends to help”, said James Wright, Chief Advocacy Officer of the Nebraska Credit Union League.
Although the President’s post does not equate to law or regulation, it has provided wind in the sails of proposals in Congress that would cap credit card interest rates such as S. 381 and H.R. 1944.
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