"Biden Administration Caps Credit Card Late Fees at $8 in New Rule"

The Biden administration has finalized a rule capping most credit card late fees at $8, aiming to save 45 million Americans an estimated $220 annually. This move follows previous action to reduce overdraft fees charged by banks. President Biden has made cutting hidden "junk fees" a priority, estimating that the administration's actions will reduce over $20 billion in such fees annually across various industries. Additionally, a new federal strike force on unfair pricing has been announced, and the Federal Communications Commission proposed a rule to ban "bulk billing" arrangements for internet, cable, or satellite services.