NYSE:BACBanks
Potential 10% Card Rate Cap Tests Bank Of America Valuation
Bank of America (NYSE:BAC) and other major US banks are weighing a 10% cap on credit card interest rates for one year.
The move is being discussed after calls from President Trump to address affordability and consumer debt burdens.
Bank of America's CEO has raised concerns that a cap could limit credit access and affect consumer spending.
For a bank the size of Bank of America, credit cards are a core part of the broader consumer banking and payments franchise, alongside deposits,...