Nunn talks tough on banks after taking $260K from credit card industry

Iowa Rep. Zach Nunn says he wants to rein in credit card companies after taking more than $260,000 from the industry and repeatedly voted to weaken consumer protections.

Nunn’s pivot comes as affordability issues increasingly dominate the 2026 race. The Democratic Congressional Campaign Committee (DCCC) has identified Nunn as one of the most vulnerable House Republicans facing reelection.

A Bankrate analysis found that nearly half of American credit card holders carried debt on their accounts in 2025. The biggest drivers of credit card debt are unplanned expenses, such as medical bills and car repairs.

Many say their debt is exacerbated by unmanageable interest rates and worsened by banks charging excessive overdraft and late fees.

“We don’t want credit card companies living on the back of the American taxpayer,” Nunn told Fox Business in January before endorsing a bipartisan proposal to cap interest rates at 10%. In a corresponding social media post, Nunn added, “Big banks need to be accountable.”

But nine months earlier, Nunn voted to scrap a Biden-era rule that would have capped overdraft fees at $5 for large banks. Banking trade groups opposed the measure, which was projected to save working Americans billions of dollars.

Nunn made a similar move in April 2024 when he voted to block a rule capping credit card late fees at $8. Without the rule, credit card companies can charge up to $30 for an initial missed payment and $41 for additional missed payments. Consumers stood to save $220 a year if the rule had been enacted, while credit card companies would have lost $11 billion in revenue.

Nunn has accepted large donations from the financial sector throughout his career. Between 2022 and 2024, his campaign took in more than $68,000 from credit card companies and big banks.

Last year, Nunn took in more than $32,500 from the industry, including $2,500 from Visa and $5,000 from Mastercard International. He received another $2,500 each from Bank of America and JPMorgan Chase and $5,500 from Goldman Sachs.

Nunn’s likely Democratic opponent is Iowa state Sen. Sarah Trone Garriott, who is running on a platform of eschewing special interests.

“Our economy should reward hard work, not hoarding wealth,” her campaign website says. “But too often, it feels like the system is rigged against the very people who keep it running. Working families deserve the tools and opportunities to build a good life.”