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 “among the most competitive businesses that we operate in.”

Barnum acknowledged that Trump’s proposal was bad for JPMorgan Chase, noting that “this is a big business for us,” and with price controls in place, it may no longer be.

Asked whether the administration had consulted banks about the proposal, Barnum responded, “This is happening very quickly in a sort of unconventional way, starting with a social media post,” suggesting there had been no direct communication from the White House.

Towards the end of the fourth quarter, JPMorgan Chase had $402 billion worth of consumer loans and credit card balances on its books.

Stock Drops Despite Q4 Earnings, Sales Beat

The company released its fourth quarter earnings on Tuesday, reporting $46.8 billion in revenue, up 7% year-over-year, and ahead of consensus estimates at $46.02 billion.

It reported an earnings per share of $5.23, beating estimates at $4.92, with a $0.60 net contribution from its acquisition of Apple Inc.’s (NASDAQ:AAPL) credit card portfolio.

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