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JPMorgan Chase
CFO Jeremy Barnum hinted Tuesday the industry could fight President Donald Trump’s demand for credit card price controls, saying “everything’s on the table.”
“If you wind up with weakly supported directives to radically change our business that aren’t justified, you have to assume that everything’s on the table,” Barnum said in a call with reporters following JPMorgan’s fourth-quarter earnings report. “We owe that to shareholders.”
Barnum was responding to a question about whether banks would choose to litigate to block Trump’s demand, made late Friday, that card companies cap interest rates at 10% for a year. Last year, the industry successfully fought efforts by the Consumer Financial Protection Bureau to cap card late fees.
