JPMorgan Chase is preparing to push back against President Donald Trump’s directive to cap credit card interest rates at 10%, signaling a potential legal battle. Chase CFO Jeremy Barnum indicated that the bank may challenge the move, claiming "everything’s on the table" if the mandate threatens business operations without proper justification. The directive, set to take effect January 20, lacks existing legal precedent, as no current U.S. law caps credit card rates.

Barnum argued that such intervention would reduce credit availability rather than lower costs for consumers. The average credit card rate is currently around 19.7%, according to Bankrate.com, with higher-risk borrowers facing steeper charges. JPMorgan and other major issuers successfully blocked similar regulatory actions in the past, including the CFPB’s attempt to limit late fees.

Trump has framed the cap as a consumer protection measure, warning banks that defy it will be "in violation of the law." However, analysts question the practical enforceability of such an order, given the absence of enabling legislation. The outcome could reshape how financial regulators and the White House interact on consumer finance rules.