The U.S. credit card industry is staring down a two-pronged policy challenge.
On one front, the Credit Card Competition Act (CCCA) is intended to foster increased competition in credit card merchant transaction routing so as to engender downward pressure on network interchange fees. On the other, a push to cap credit card Annual Percentage Rates (APRs) at 10%, at least for a year — as embraced by President Trump and reflective of legislation led by Senator Bernie Sanders (I-VT) and others targets the revenues of revolving credit itself.