"CFPB Caps Credit Card Late Fees at $8 in Biden's Crackdown on Junk Fees"
TL;DR
The Biden administration has proposed a rule to cap all credit card late fees at $8, aiming to end what it calls junk fees and save Americans up to $10 billion a year. The Consumer Financial Protection Bureau's new regulations will set a ceiling of $8 for most credit card late fees or require banks to justify charging more. This is part of a broader effort to reduce costs for Americans, with the White House forming a strike force to crack down on unfair pricing in various sectors. Additionally, the Agriculture Department has finalized a rule to stop deceptive contracts by meat processors and ban retaliation against small farmers and ranchers.
Topics:businessfinance#biden-administration#consumer-financial-protection-bureau#credit-card-fees#finance#junk-fees#white-house-competition-council
- Regulator proposes capping credit card late fees at $8, latest in Biden's campaign against junk fees Yahoo Finance
- Credit card late fees capped at $8 as part of Biden crackdown on junk fees CNN
- New CFPB rule caps banks' credit card late fees at $8 CNBC
- CFPB Bans Excessive Credit Card Late Fees, Lowers Typical Fee from $32 to $8 Consumer Financial Protection Bureau
- Credit card late fees capped at $8 per month in new U.S. rules The Washington Post
Want the full story? Read the original reporting
Read on Yahoo Finance