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ABA research: 159 million Americans could lose access to credit under 10% credit card rate cap
January 20, 2026
 A proposed 10% federal credit card interest rate cap would significantly reduce access to credit for millions of consumers nationwide, and even those with good credit scores who pay their bills on time will be affected by the rate cap, according to a new analysis of credit card data by the American Bankers Association.
The 10% Credit Card Interest Rate Cap by Sens. Josh Hawley (R-Mo.) and Bernie Sanders (I-Vt.) has made little progress in Congress, but the idea recently received a boost when President Trump proposed a one-year, 10% cap on credit card interest rates. To understand the effects of a cap, ABA analyzed data from credit card issuers accounting for about 75% of the market. Among the findings:
- 74%–85% of open credit card accounts nationwide would be closed or have their credit lines drastically reduced.
- At least 137 million cardholders – and up to 159 million – would no longer be able to use their cards.
- State-by-state analyses are consistent with the national data, indicating the pain from price caps would be felt in every corner of the country.
While the proposed rate cap aims to lower consumer costs, the new data demonstrates that it would instead undermine affordability by effectively eliminating the credit card as a spending tool and vital source of liquidity for tens of millions of Americans, according to ABA
“This new data is clear: interest rate caps lead to fewer options, higher costs and reduced access — especially for those who can least afford to lose their credit card.” ABA President and CEO Rob Nichols said. “We urge the administration and Congress to carefully consider the significant harm a rate cap would have on U.S. households and the broader economy. This is not the solution to the affordability challenge.”
Effects on cardholders
The impact of a 10% APR cap would go far beyond riskier borrowers, according to the ABA analysis. Most cardholders — including those who pay their balances in full each month — would face negative consequences such as tighter credit standards, lower credit limits, higher fees, reduced benefits and rewards, and fewer low-rate promotional offers.
Even cardholders with high credit scores would be affected:
- Among cardholders with VantageScores above 600, between 71% and 84% would see their accounts either closed or experience a sharp reduction in their credit limit.
- Many so-called “super-prime” borrowers with VantageScores above 780 also would be negatively impacted by a 10% APR cap.
Effects on affordability
While a 10% credit card interest rate cap may sound appealing on the surface, the data indicates that it would harm, not help, affordability for most Americans, ABA said. Key concerns include:
- Loss of access to highly regulated credit during emergencies, forcing consumers to less-regulated, and in many cases more expensive alternatives
- Reduction of rewards and benefits that help cardholders manage their finances responsibly
- Reduction in consumer spending power
- Harm to small businesses and the broader U.S. economy that depend on the nearly $3.6 trillion in annual spending on consumer credit cards.
Article
Rate Cap Advocacy
As Congress considers proposals related to the 2026 credit card interest rate cap, it is critical that policymakers hear directly from community bank leaders about the real-world impact these changes could have on local banks and the customers they serve.
South Dakota Impact at a Glance
Survey results from the ABA show that a proposed 10% credit card interest rate cap would have serious consequences for South Dakota consumers:
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72%–84% of open credit card accounts in South Dakota would be closed or see credit lines drastically reduced.
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345,000 to 407,000 South Dakotans would lose access to their credit cards as a usable source of credit.
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Impacts would extend well beyond sub-prime borrowers, affecting 69%–83% of consumers with credit scores above 600.
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Even consumers who pay balances in full each month would likely face lower credit limits, higher fees, reduced rewards, and fewer promotional offers.
The ABA's analysis above is based this week's survey data from card issuers representing roughly 75% of the U.S. credit card market, combined with state-level credit bureau data, and evaluates the likely effects of the Hawley-Sanders proposal.
To support these efforts, the ABA has provided a toolkit designed to help community bank CEOs place op-eds and commentary in local newspapers and other outlets. These local voices are influential and can play an important role in shaping the conversation.
We ask you to review the following:
The toolkit includes sample op-ed language, key messages, and guidance to make participation as easy as possible.
Thank you for lending your voice to this timely issue. Stay tuned for further developments and please let [email protected] know if you have any questions.
ABA Banking Journal: Predicting what is ahead for banks
January 21, 2026
 The ABA Banking Journal annually wraps the year completed and looks ahead across a range of challenges, trends and potential changes for banks and bankers:
Off the map: Top bank risks for 2026
New risks, uncertain territory make risk management a perilous journey in the new year.
Podcast: The 2026 outlook for bank M&A
The bank consolidation logjam broke in 2025, with several banks, including large regionals, inking major deals amid an accelerated pace for approvals. What’s ahead in 2026? Guest Paul Davis discusses his article evaluating the landscape ahead.
2026 bank marketing trends
Embracing these trends as strategic imperatives position marketers to drive growth and build lasting relationships in an increasingly competitive market.
State legislatures enter their busy season
Bank advocates expect 2026 to be a hectic year for state legislation, with possible bills on interchange fees, fraud, AI and more.
AI romance, ‘machine-to-machine’ scams among top 2026 fraud trends
Romance scams carried out by artificial intelligence and computers scamming other computers are among the top five fraud trends to watch out for in 2026, according to a new report by credit reporting agency Experian.
An AML year in review
Stepped-up scrutiny of transnational criminal organizations and drug cartels characterized BSA/AML enforcement in 2025.
Ag lenders signal cautious outlook for farm profitability
Agricultural lenders reported signs of tighter conditions in farm profitability and credit quality in 2025 and fewer than half of lenders are projected to stay in the black in 2026 — the lowest share since 2020, according to a joint survey conducted by ABA and the Federal Agricultural Mortgage Corporation, or Farmer Mac.
Survey: AI, fraud among top cybersecurity trends for 2026
Artificial intelligence is “supercharging” the cybersecurity arms race, with cyber-enabled fraud affecting people of all stripes, according to a new Global Cybersecurity Outlook report by the World Economic Forum and professional services firm Accenture.
Article
 Artificial intelligence is “supercharging” the cybersecurity arms race, with cyber-enabled fraud affecting people of all stripes, according to a new Global Cybersecurity Outlook report by the World Economic Forum and professional services firm Accenture.
The institutions surveyed organizations and executives about the current cybersecurity environment and identified three key trends for 2026. The first is the role of AI in accelerating both cyber threats and cyber defenses. Among the findings, the number of respondents assessing the security of AI tools rose significantly from the previous survey last year, with 64% now conducting assessments versus 37% in 2025. In addition, 87% of respondents identified AI-related vulnerabilities as the fastest-growing cyber risk.
The second trend was geopolitics remaining the top factor influencing overall cyber risk mitigation strategies. Nearly two in three organizations surveyed said they are accounting for geopolitically motivated attacks in their cyber planning.
The final trend was the broad nature of who is targeted, with 73% of respondents reporting that they or someone in their networks had been personally affected by cyber-enabled fraud last year. Among top executives, CEOs listed cyber-enabled fraud as their top concern, while chief information security officers remain concerned about ransomware and supply chain resilience.
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CISA News: Most Spoofed Phishing Brands
Who are the most spoofed brands in phishing scams? Let's be honest, you can probably guess most of them - but there are a few surprises
January 19, 2026 | Craig Hale
Tech firms are still the most impersonated in phishing campaigns
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- 22% of all brand phishing attempts tried to impersonate Microsoft.
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- DHL was the only company in the top 10 that wasn't a tech firm
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- Identity is the biggest attack surface for cybercriminals
New data from Check Point has found Microsoft remained the most spoofed brand in phishing attacks during the final three months of 2025, accounting for nearly one-quarter (22%) of all brand phishing attempts. As is sadly too common these days, the technology industry is the most affected by brand impersonation, with Google (13%), Amazon (9%), Apple (8%), Meta (3%), PayPal (2%), Adobe (2%), Booking (2%) and LinkedIn (1%) all seeing similar attempts. In fact, shipping giant DHL (1%) was the only company appearing in the top 10 list that did not belong to the tech sector.
Most phishing brand impersonations spoof tech giants
Check Point uncovered some seasonal trends that cause fluctuations - for example, Amazon impersonations were likely inflated every Q4 by higher Christmas shopping traffic, with attackers exploiting vulnerabilities in last-minute shopping and high-value purchases.
"The continued dominance of Microsoft and Google reflects their central role in identity, productivity, and authentication workflows – making stolen credentials particularly valuable to attackers," the researchers explained.
One of the attacks Check Point observed in Q4 2025 was a fake game page targeting Roblox users to steal credentials. A fake domain also mimicked the official account recovery flow of Netflix to enable attackers to harvest passwords, and a Spanish-focused Facebook phishing campaign also targeted emails, phone numbers and passwords. However, one thing rarely changes – phishing is a key attack method for scammers, and identity is the top attack surface across both consumer fraud and enterprise breaches.
This is largely good news, because the same basic cybersecurity hygiene we've always been taught still stands true. Tech evolutions have made it harder to detect attacks, and AI has only served to make them more sophisticated, but the key principles remain the same – avoid sharing passwords and logging in via potentially suspicious links and instead navigate to the official website via a search engine or typing in the domain, and use two-factor authentication for a secondary layer of protection.
Graduate School of Banking: Opt in to Receive Training Information from GSB
 The Graduate School of Banking at the University of Wisconsin in Madison, Wisconsin is a valuable training partner for the SDBA and our member bankers. GSB has been educating professionals and creating leaders in the banking industry since 1945. They offer a wide variety of schools and programs such as the Graduate Banking School, HR Management School, Digital Banking School and a long list of other learning opportunities. To learn more and to opt in to receive their marketing materials, click here and scroll to the bottom of the page to the “Join Now” button to opt in.
ABA Washington Summit: Emerging Leader Stipends
We’re excited to share an opportunity for emerging leaders to attend the ABA Washington Summit on March 9–11 in Washington, DC. This premier advocacy event brings bankers from across the country to engage directly with policymakers, gain insight into key legislative issues impacting our industry, and strengthen leadership and advocacy skills. It’s a valuable experience for anyone looking to grow their voice and impact within banking.
The SDBA is planning to attend the Summit and would like to invite you to participate as well. Registration is FREE and you can learn more and sign up here. Join us as we hear from top-notch speakers, connect with our congressional delegations' offices and dine with our friends at the NDBA.
The ABA offers each state two $750 stipends to help offset the cost of attendance for emerging leaders. If you are interested in being considered for one of these awards, please complete this form and return it to [email protected] by January 30, 2026.
2026 SDBA State Legislative Day
February 11, 2026 | Ramkota Hotel & Conference Center | Pierre
Register today for the 2026 SDBA State Legislative Day, February 11, at the Ramkota Hotel & Conference Center in Pierre, SD. SDBA’s Legislative Day offers a valuable opportunity to stay informed on state and federal legislation impacting the banking industry. Attendees can expect insightful discussions, networking, and direct engagement with key policymakers.
SD GOED Commissioner, Bill Even, is our keynote this year. He'll lead n engaging discussion on the vital connection between economic development and the banking industry. Mr. Even will explore how the state's economic initiatives influence the banking landscape and how banks play a critical role in driving community and business growth across South Dakota. He will also highlight opportunities for partnership and collaboration to strengthen local economies, support business expansion, and foster long-term prosperity statewide.
Details & Registration
2026 Dakota School of Lending Principles
April 7-10, 2026 | Pierre
 The Dakota School of Lending Principles, hosted by the South Dakota Bankers Association and co-sponsored by the North Dakota Bankers Association on April 7-10, 2026, in Pierre, S.D., is a learning event with one foot grounded in the classroom and one foot in the bank. This school allows students to learn the theory and process of basic lending and then put this knowledge to work in actual nuts and bolts sessions.
The school provides basic instruction appropriate for loan officer trainees, loan support personnel and personal bankers. To ensure exposure to bank structure and terminology, it is recommended that applicants have a minimum of six months lending experience or one year of loan department experience. Applicants not meeting the suggested prerequisites will be contacted to discuss admission qualifications.
Loan Modules
In the four modules on loan types, learn the lending process by studying elements applicable to each loan type: terminology, the application process, interviewing, investigation, credit analysis, loan structure, decision communication and selling. Case studies and exercises provide hands-on learning experience.
Details & Registration
UMACHA's 2026 South Dakota Fraud Forum
May 14, 2026 | Sioux Falls
 Fraud continues to evolve — and staying ahead requires collaboration, insight, and shared experience. Hosted by UMACHA, this in-person information-sharing event brings together local law enforcement, guest speakers, and your industry peers for an interactive discussion focused on fraud awareness, prevention, and response.
Attendees will gain practical insights into current financial crimes impacting institutions across South Dakota, along with actionable strategies to strengthen fraud mitigation efforts. The exact agenda will be announced closer to the event, so be sure to check back for the latest updates.
Details & Registration
Online Education
Participating in learning opportunities outside the bank can be challenging. Take advantage of the SDBA's extensive selection of webinars and on-demand training to enhance your banking expertise directly from your computer.
GSB Online Seminars
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SBS Institute
ABA Training
Banking Matters Podcast
The Importance of Communication in Regulatory Scrutiny
Learn how to put compliance management solutions from Compliance Alliance to work for your bank, by contacting (888) 353-3933 or [email protected] and ask for our Membership Team. For timely compliance updates, subscribe to Bankers Alliance’s email newsletters.
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