Trump’s Push for Credit Card Rate Cap Hurt by CFPB Limitations

President Donald Trump’s push to cap credit card interest rates at 10% for one year will have to go through Congress, because the agency that would likely be charged with enforcing the limit doesn’t have the authority to put one in place.

If the president can somehow muscle through the credit card interest rate cap he demanded in a Jan. 9 Truth Social post, the Consumer Financial Protection Bureau would be the lead agency to implement it. But Congress explicitly barred the CFPB from setting a “usury limit” in the 2010 Dodd-Frank Act that created the federal consumer finance watchdog. ...