1139 ET - Capital One CEO Richard Fairbank says the Credit Card Competition Act, a Trump-endorsed bill proposing to require credit-card issuers to allow payment processing on networks other than Visa and Mastercard, would have negative downstream effects for consumers. "We believe that there is substantial competition in the payments industry already, with banks like Capital One taking a big portion of its interchange revenue and giving it to the consumer in the form of rewards. And that then stimulates consumer spending and the ecosystem thrives," Fairbank tells investors on a Thursday evening call. "I think government intervention in this marketplace in this manner may have unintended consequences that could harm market participants, including consumers." (elias.schisgall@wsj.com)

(END) Dow Jones Newswires

January 23, 2026 11:39 ET (16:39 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.