JPMorgan's CFO Jeremy Barnum recently weighed in on a proposed legislative measure that would cap credit card APRs at 10% over a one-year period. His take? Pretty stark.

"You'd see credit access shrink dramatically—and I mean really dramatically," he pointed out. "The people hit hardest would be those who can least afford it."

The underlying concern here revolves around how rate caps function in lending markets. Restrict yields on high-risk borrowers, and lenders simply tighten underwriting or exit segments altogether. It's not malice; it's math. When the economics don't work, capital flows elsewhere.

This regulatory tension mirrors broader debates in crypto and fintech spaces, where policymakers often grapple with balancing consumer protection against market accessibility. The JPMorgan commentary underscores how structural financial interventions can have unintended consequences—especially for underserved populations who depend on credit for essential needs.