"Chamber Sued Over CFPB Decision as House Panel Approves Credit Card Late Fee Rule Repeal"
Despite their complaints about Americans' financial struggles, Republicans are pushing to repeal a Consumer Financial Protection Bureau rule that reduces credit card late fees, arguing that it will harm responsible consumers and shift costs. Critics argue that the new limits would benefit consumers, especially those living paycheck to paycheck. Analysis shows that Republicans on the committee have received significant funding from industry groups opposing the rule. The proposed policies to eliminate junk fees and increase rate transparency are popular among consumers but face opposition from Republicans.
