Industry News

CFPB Seeks $8 Credit Card Late Fee Cap

CFPB Seeks $8 Credit Card Late Fee Cap

By Ken Sweet and Josh BOak | The Associated Press | March 5, 2024 | Reprints | Unlock Link

The Biden administration announced a rule Tuesday to cap all credit card late fees, the latest effort in the White House push to end what it has called “junk fees” and a move that regulators say will save Americans up to $10 billion a year.