Banking giant JPMorgan Chase & Co.’s (NYSE:JPM) CFO, Jeremy Barnum, has warned that President Donald Trump’s proposal to cap credit card interest rates could have a far-reaching impact on the credit markets, particularly on subprime borrowers.

Will ‘Dramatically’ Reshape Credit

During the company’s fourth-quarter earnings call on Tuesday, Barnum said, “people will lose access to credit on a very, very extensive and broad basis,” while adding that the move was likely to impact the “people who need it the most.”

According to Barnum, such price controls could “dramatically” alter the nature and provision of this service, which he said was ...