"Biden Administration Caps Credit Card Late Fees at $8, Sparking Controversy"

Federal regulators have finalized a rule to cap most credit card late fees at $8, estimated to save families over $10 billion a year, as part of the Biden administration's crackdown on junk fees. The new regulation applies to large credit card issuers and aims to help families struggling with high living costs and record credit card debt. The financial industry has criticized the rule, with the US Chamber of Commerce threatening to file a lawsuit, while consumer advocates and Senator Elizabeth Warren have praised the move as a way to protect working people from excessive fees.