Credit Union Industry Opposes 10% Credit Card Rate Cap and CCCA

President Donald Trump this week called on Congress to enact a one-year, 10% cap on credit card interest rates. Credit unions oppose this proposal because rate caps reduce access to credit and can harm the consumers they are intended to help.

Industry advocates note that any such policy would require congressional approval, making member engagement with lawmakers especially important. Credit unions and their supporters are encouraged to share their perspectives through America’s Credit Unions’ Grassroots Action Center. Credit union-specific talking points are also available through the Member Activation Program (MAP) Campaign Resource Center.

Cornerstone’s advocacy team continues to engage with policymakers, emphasizing that credit unions are part of the solution to affordability challenges facing American families.

Credit Card Competition Act (CCCA) Update

The Credit Card Competition Act has been reintroduced in both the U.S. Senate and House of Representatives. Credit unions oppose the bill because it could weaken the current payments system, increase fraud risk, and reduce access to card rewards and affordable credit—while primarily benefiting large retailers.

There is no credible evidence the bill would lower prices for consumers. Instead, it could create unintended consequences for small financial institutions and their members.

Members are encouraged to voice their opposition through America’s Credit Unions’ CCCA action alert in the Grassroots Action Center. Additional research and resources are available in the America’s Credit Unions Resource Library.