(C) Common Dreams
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Watchdog: Final Biden Credit Card Late Fee Rule Will Lower Costs for Americans Over Industry Objections [1]
['Emily Hoyle']
Date: 2024-03-05 11:28:42+00:00
WASHINGTON, DC — In a historic action expected to save 45 million Americans up to $10 billion every year, the Consumer Financial Protection Bureau (CFPB) finalized a rule to cap most credit card late fees at $8, down from an average of $30. New analysis from government watchdog Accountable.US found that the 8 largest credit card issuers charged consumers billions in credit card late fees and other service charges in 2023 alone, while the CFPB identified late fees as “the most significant fee assessed to cardholders in both dollar amount and frequency” and a major contributor to the more than $1 trillion in outstanding credit card debt in 2022.
As Accountable.US documents in today’s report, the cost-saving action has already faced significant industry pushback and will likely run into immediate legal and legislative attacks from big banks that abuse the junk fee practice.
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[1] Url:
https://accountable.us/watchdog-final-biden-credit-card-late-fee-rule-will-lower-costs-for-americans-over-industry-objections/
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