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Hugh Son, CNBC's banking reporter, says big banks are rejecting Trump's 10% credit-card cap, warning they'll close accounts instead, likely setting up a legal and political showdown as Davos approaches.
Major stock indexes ended lower Wednesday as investors digested the latest batch of bank earnings reports and economic data, while safe-haven gold and silver surged to fresh record highs.
Banks are knocking President Donald Trump's bid to cap credit card rates.
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Top executives from the nation's largest financial institutions issued warnings this week during fourth-quarter earnings calls, arguing that President Donald Trump's proposed 10% cap on credit card interest rates would backfire.
President Trump's announcement blindsided the industry, sending banking shares tumbling across Wall Street this past week.
Credit card stocks are slumping this week after President Trump took aim at the industry, saying it "ripped off" U.S. consumers with high interest rates and swipe fees.
Investors with an interest in Financial - Miscellaneous Services stocks have likely encountered both Burford Capital Limited (BUR) and American Express (AXP). But which of these two stocks presents investors with the better value opportunity right now?
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Eastern Bank lowered its position in American Express Company (NYSE: AXP) by 8.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 155,684 shares of the payment services company's stock after selling 14,648 shares during the quarter. Eastern Bank's holdings
American Express shares fell, alongside other credit card stocks, after President Trump floated a one-year cap on credit card interest rates. The company's latest results show strong spending and fee momentum, alongside steady credit quality.
Pres. Trump discusses recent economic controversy and proposals in front of the press.
Scott Siefers, Piper Sandler, joins 'Closing Bell Overtime' to talk Big Bank earnings including JPMorgan Chase kicking off earnings season with its quarterly report.
JPMorgan CFO Jeremy Barnum warned that President Trump's proposed 10% credit card interest rate cap could hurt the economy and reduce access to credit for consumers who need it most.
Affirm Holdings remains the leading U.S. BNPL platform, with strong execution, resilient credit metrics, and a multi-year growth runway. AFRM's upcoming quarter, covering the robust holiday shopping period, is expected to showcase continued strength as consumer adoption of BNPL accelerates. Potential credit card interest rate caps could structurally benefit BNPL providers like AFRM, driving further market share gains among underbanked consumers.
Joe Mazzola with @CharlesSchwab shares his takeaways from the CPI report and thinks the most important part is the impact on fixed income: “if we can continue to have stability” in the 10-year, he says, it can boost the equity market. He thought JPMorgan Chase's (JPM) earnings were “good” but thinks Trump's comments about capping credit card rates are weighing on the financial sector.
President Trump's proposed 10% credit card interest rate cap could eliminate access for 175 million to 190 million cardholders, with lower and middle income consumers hit hardest.
Stock futures pointed slightly higher and Treasury yields fell Tuesday, a day after the S&P 500 and Dow Jones Industrial Average set fresh records, as a consumer inflation reading matched expectations and bank earnings season kicked off.
A proposed cap on credit card interest rates will hurt U.S. consumers and the economy, JPMorgan Chase Chief Financial Officer Jeremy Barnum said on Tuesday.
JPMorgan Chase CFO Jeremy Barnum said the industry could fight President Donald Trump's demand for credit card price controls. Banks and industry insiders say a proposed 10% cap on credit card interest rates would result in fewer credit card accounts for Americans and a dip in spending for the U.S. economy.