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Joint Trades Letter in opposition to S.2760, "Capping Credit Card Interest Rates Act"
Dear Senator Hawley:
The undersigned trade associations, representing financial institutions that serve hundreds of millions of American consumers, are united in opposition to S. 2760, the Capping Credit Card Interest Rates Act and its consideration to be included as an amendment to the minibus appropriations bill currently being considered in the Senate. As not-for-profit credit unions, community banks, and both large and small financial institutions that issue credit cards, we uniformly oppose this legislation as it would impose government price controls on private products by creating an all-in annual percentage rate (APR) cap for credit cards at 18 percent, a move that 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.