Trump

CEO Ryan McInerney reiterated the company's long-held stance that the Credit Card Competition Act was "very harmful" and "just simply not needed."

The president has called for a 10% interest rate cap and endorsed the Credit Card Competition Act. Michael Miebach expressed strong opposition to the CCCA while expressing concern about a cap's potential impact on access to credit.

Merchants have mostly been silent on President Trump's call for a cap on credit-card interest rates. But they'd take a "huge hit" under such a plan, Synchrony CEO Brian Doubles said Tuesday.

Comptroller of the Currency Jonathan Gould said in a letter to Sen. Elizabeth Warren, D-Mass., that the OCC "intends to act consistent with this duty rather than your demand."

The Federal Deposit Insurance Corp.'s approval of industrial loan company charter applications for General Motors and Ford Motor Company generated only moderate pushback from banks as crypto, debanking and credit card rate caps dominate the industry's attention.

Observers said the Supreme Court likely will allow Federal Reserve Gov. Lisa Cook to remain at her post while she challenges her purported removal by President Donald Trump. But her continued presence would slow, rather than stop, the president's quest for a voting majority on the central bank board.

The lawsuit, filed Thursday in Florida state court, alleges that the lender stopped offering banking services to Donald Trump and his businesses for political reasons.

The Supreme Court Wednesday appeared skeptical of the Justice Department's argument that removal of a Federal Reserve governor is unreviewable or that the president's preference for Fed governors outweighs the harm to the Fed from curbing the central bank's political independence.

White House National Economic Council Director Kevin Hassett said Friday that the administration expects banks to voluntarily issue "Trump cards" with 10% rate caps, a move that could quell Congress' moves to impose a cap through legislation — but that's no guarantee.

Merchant groups are not taking a position on President Donald Trump's threats to cap interest rates, but they are bullish on the president's endorsement of the Credit Card Competition Act.