American Express Co. chief executive Kenneth Chenault said the legislation passed this week overhauling the credit card industry's fees may reduce lending to "consumers who need it" and will hurt competitors more than his company.

The impact of the measure, which passed Congress Wednesday, will be "more negative than positive" for American Express because it may crimp the New York company's ability to set prices according to risk, Chenault said during a Wednesday conference call.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.