"CFPB Caps Credit Card Late Fees at $8 in Biden's Crackdown on Junk Fees"

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.