At the Global Wealth Management Summit, CEO Mark Mason of Citi Private Bank spoke in New York. The biggest U.S. banks, including JPMorgan Chase and Citigroup, are defying President Trump’s call to slash credit card interest rates. Trump’s mandate to cap rates at 10% by Jan. 20 could lead to account closures, according to bank executives. Despite Trump’s push, industry insiders have not received formal guidance on the policy. There is no U.S. law currently capping card rates, with a bill introducing a 10% cap stalled in Congress. The financial sector is watching for developments in upcoming Senate meetings and at the World Economic Forum in Davos next week. Trump has accused banks of ripping off credit card borrowers and has endorsed a bill targeting swipe fees paid by merchants. The industry is currently legally compliant, and analysts believe concessions could be offered if a deal is reached akin to Trump’s dealings with the pharmaceutical industry. The industry is waiting to see how the credit card battle will unfold in the coming days.

Read more at CNBC: Banks wager they can fend off price controls