Report: Over 70% of South Dakotans could lose access to credit under interest rate cap proposal

By Lori Walsh

Published January 26, 2026 at 3:00 AM CST

President Donald Trump has proposed a cap on credit card interest rates. Trump says companies have abused consumers with rate hikes.

The industry is pushing back. According to Karl Adam, president of the South Dakota Bankers Association, around 345,000 South Dakotans could lose access to credit if lenders are forced to lower rates to under 10%.

Adam talked with SDPB about the potential impact of the proposal.

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Report: Over 70% of South Dakotans could lose access to credit under interest rate cap proposal

Can't find what you're looking for?

We're here to help.

If you are having trouble locating or accessing SDPB content and services for any reason, including a need for accommodations such as alternate formats for accessibility purposes, we will do our best to provide the assistance you need.

Visit our Contact Page to explore our support options, or call us at (605) 677-5861 and we will help you find where you need to be.