Mark Mason, who served as CEO of Citi Private Bank at the time, spoke at the Global Wealth Management Summit in New York on June 17, 2014.
The largest banks in the United States are resisting President Donald Trump's push to reduce credit card interest rates, potentially leading to a clash as the president prepares to attend the Davos summit next week.
Executives at JPMorgan Chase and Citigroup signaled that instead of complying with Trump's directive to lower interest rates to 10% by January 20, the banks might close many customer accounts.
"An interest rate cap is not something that we would or could support," Citigroup CFO Mark Mason stated to reporters on Wednesday, adding that it would "restrict access to credit to those who need it the most and frankly would have a deleterious impact on the economy."
JPMorgan CFO Jeremy Barnum suggested on Tuesday that the banking industry might consider legal action if necessary, stating "everything's on the table" regarding their response.
Trump, aiming to address voter concerns about affordability before the midterm elections, accused the banking industry of overcharging credit card users in a late-Friday social media post. He has reiterated his stance in interviews and backed a separate bill targeting merchant swipe fees.
Despite the president's initial threats five days ago, bankers and their lobbyists told CNBC that they have yet to receive any formal guidance from the Trump administration on the matter.
This lack of formal policy communication gives some industry insiders hope that the administration is not serious about enforcing the interest rate cap, according to sources who requested anonymity to speak freely.