Trump floats temporary cap of ~10% on credit card interest rates - report [Seeking Alpha]
Capital One Financial Corporation (COF)
Last capital one financial corporation earnings: 4/23 04:05 pm
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Source: Seeking Alpha
However, Trump, if he wins in November, will have to get Congress to pass legislation to implement the policy. An APR of 10% is less than half the current average credit card APR of 20.78%, according to Bankrate data. The average retail credit card APR is 30.45%, the firm said earlier this month. Consumers' credit card debt reached a record of $1.14T in Q2 2024, the Federal Reserve Bank of New York said in August. Over the last year, ~9.1% of credit card balances moved into delinquency, the report said. BTIG's Isaac Boltansky wrote in a note, "We believe the odds of credit card interest rate cap legislation becoming law in the next Congress are no higher than 10% given the combination of political and economic realities." He also expects that a Trump administration would nix the Consumer Financial Protection Bureau's credit card late fee cap. In March, the CFPB issued a final rule to cap credit card late fees at $8, down from the previous cap of $32. But in May, a U.S. distric
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News
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COF
Earnings
- 7/23/24 - Beat
COF
Sec Filings
- 9/16/24 - Form 8-K
- 9/9/24 - Form 8-K
- 8/29/24 - Form 144
- COF's page on the SEC website