"Biden Administration Caps Credit Card Late Fees at $8 in New Rule"
TL;DR Summary
The Consumer Financial Protection Bureau has introduced a new rule capping banks' credit card late fees at $8 per incident, a significant reduction from the current average of around $32. This change is expected to save more than 45 million card users an average of $220 annually. CFPB Director Rohit Chopra stated that the rule aims to put an end to credit card companies exploiting a loophole to charge excessive fees, ultimately benefiting American consumers.
- New CFPB rule caps banks' credit card late fees at $8 CNBC
- Credit card late fees capped at $8 as part of Biden crackdown on junk fees CNN
- 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
- Credit card late fees to be capped at $8 under Biden campaign against "junk fees" CBS News
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