Warren Presses Bank Regulators on Trump’s Call to Cap Card Rates

Senator Elizabeth Warren pressed US regulators on whether they plan to take action to rein in lenders after President Donald Trump’s push earlier this year for a temporary 10% cap on credit card rates resulted in little change.

Warren wrote on Monday to key officials at the Federal Reserve, Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. and asked if enforcement actions against banks that had not heeded Trump’s directive were forthcoming. The letter, seen by Bloomberg News, criticized the agencies for having “done nothing” to lower credit card interest rates, which hover around 21% for the average US consumer, according to the Fed.