"Biden Administration Caps Credit Card Late Fees at $8 and Launches Task Force on Unfair Pricing"

The Biden administration has announced a rule to cap all credit card late fees at $8, as part of its campaign against "junk fees." The Consumer Financial Protection Bureau's new regulations will save Americans up to $10 billion a year, with the effort aimed at reducing excessive charges that generate big money for businesses. This comes amid still-high inflation, and the administration's overall efforts are expected to eliminate $20 billion in annual junk fees. However, the move has done little to help Biden politically, as Americans continue to carry record credit card balances and fall behind on their debts, leading to concerns about potential stress on poorer households.