America’s Credit Unions called for Congress to reject the 10 Percent Credit Card Interest Rate Cap Act (H.R. 1944), which would create an all-in annual percentage rate (APR) cap for credit cards, in a letter sent to bill sponsors Reps. Alexandria Ocasio-Cortez, D-N.Y., and Anna Paulina Luna, R-Fla. Tuesday.

Several financial services organizations also united against the bill in a joint letter to the sponsors, noting H.R. 1944 would eliminate access to credit cards for millions of consumers and drive them to sources of credit which are far more costly and less regulated.

The group also explained that by imposing government price controls on private products by creating an all-in APR cap, the bill would severely restrict the availability of this type of credit for everyday consumers and effectively harm the very people the proposed legislation seeks to protect.

Read America’s Credit Unions letter and the joint letter. The group also voiced these concerns with the Senate version of the bill, S. 381.