Tracking President Trump's visit to the World Economic Forum

As part of the Administration's plans to address affordability issues across our country, President Donald Trump last week encouraged banks to adopt a 10% interest rate cap for credit cards, effective for one year beginning Jan. 20, 2026. Since the announcement, America's Credit Unions' Advocacy team has worked diligently with state leagues and other financial services trade groups to engage both Administration officials and Members of Congress on the unintended consequences of this potential action.

As of 7 a.m. Eastern today, Jan. 21, there is no new legislative or Administrative action regarding the president's call for this rate cap, and the vehicle for implementation remains unclear.

The president will address the World Economic Forum in Davos, Switzerland this morning. The America’s Credit Unions team is tracking his comments closely, remains ready to address any plans to implement this rate cap, and will keep membership informed of any relevant news from the forum in real-time.

Affordability is a daily focus for all credit unions in serving their members, and we are urging policymakers in Washington to work with credit unions in approaching this key concern in ways that will not hurt the consumers we serve or the overall economy.  

In a recently published Open Banker op-ed, America's Credit Unions' President/CEO Scott Simpson highlighted the many potential consequences of this kind of rate cap. This includes pushing subprime and lower-income borrowers out of mainstream credit toward riskier alternatives, while also dampening consumer spending.  

A targeted call to action is underway by America's Credit Unions and leagues. Currently, only credit union leaders/advocates are asked to send messages to Congress at this time. The rate cap action alert is available in the Grassroots Action Center. Credit union-specific talking points for staff and boards are available in the Member Activation Program (MAP) Campaign Resource Center.