Trump's 10% credit card cap deadline is here. Will card companies comply?
www.cbsnews.com

... President Trump had set Jan. 20 as a deadline for credit card companies to lower their interest rates to 10% for one year. Now that the date has arrived, most banks and card issuers have largely kept their rates unchanged, while also pushing back against an idea that they say lacks key policy details necessary for them to comply.

Mr. Trump announced the cap on Jan. 9, giving banks and issuers just 11 days to meet his demand. In his Truth Social post announcing the proposal, he said he wanted to ensure that Americans wouldn't get "'ripped off' by Credit Card Companies that are charging Interest Rates of 20 to 30%, and even more, which festered unimpeded during the Sleepy Joe Biden Administration."

The interest rate cap has drawn bipartisan support from some lawmakers, including Sen. Elizabeth Warren, a Democrat from Massachusetts, and Sen. Josh Hawley, a Republican from Missouri. If enacted, the proposal could save consumers $100 billion per year in reduced interest payments, but the banking industry warns that it could backfire because issuers would be forced to reduce credit access to millions of consumers. ...