What happened: Former US President Donald Trump has suggested capping credit card interest rates at 10% for a year. This announcement led to a drop in bank share prices.
Why it matters:
- Could reduce costs for credit card users if implemented.
- May impact bank profits and lending practices.
MNN Take: The proposal aims to make credit more affordable temporarily, but it also raises concerns about how banks might adjust their services or fees in response.
Sources: BBC US & Canada