Speaking today at the World Economic Forum, President Donald Trump urged Congress to enact a one-year, 10% credit card interest rate cap. This is a shift from earlier this month when he called for financial institutions to voluntarily impose the cap and suggested the administration would enforce it.

Congress has previously considered similar legislation. Last year, a bill was introduced to limit credit card interest rates at 10% for five years, but the proposal did not advance.

Leagues and America's Credit Unions caution that a 10% rate cap would likely reduce access to credit, especially for members who rely on credit cards for emergencies or short-term needs. Such a cap would make it difficult for credit unions to safely offer cards to higher-risk borrowers, potentially pushing them toward far more expensive alternatives outside the traditional financial system.

The MD|DC Credit Union Association sent a letter to its congressional delegation last week outlining its opposition.

To send a message from your credit union's staff and board members to Congress opposing the proposed 10% credit card interest rate cap, visit America's Credit Union's Grassroots Action Center.