CFPB proposes lowering credit card late fees

CFPB Praised for Proposed Crackdown on 'Exploitative' Credit Card Late Fees

One advocate said the proposal "proves that the bullying behavior of companies who abuse Americans for their own profit will not stand from the CFPB."

Biden’s CFPB proposes capping credit card late fees to $8

President Biden's administration proposed new regulations Tuesday capping fees that credit card companies can charge for most late payments to $8.

Credit card late fees capped at $8 in proposed rule from CFPB

The Biden administration has proposed a new rule cracking down on late fees from credit card issuers.

CFPB proposes lowering credit card late fees

The Consumer Financial Protection Bureau on Wednesday proposed lowering late fees that credit card companies can charge without legal challenge by at least 73 percent, to $8. The change, if finalized, would save consumers up to $9 billion a year, according to the agency. The proposal is part of a bigger push by the White House to lower fees paid by consumers, including those charged by airlines and ticket sales platforms. “While it may be fair t…

Consumer Watchdog Proposes New Cap On Credit Card Late Fees

“Today’s proposed rule seeks to save families billions of dollars and ensure the credit card market is fair and competitive," Rohit Chopra said.

Credit card stocks fall after CFPB's $8 late fee proposal

A plan released Wednesday by the Consumer Financial Protection Bureau was more aggressive than anticipated, leading to share price declines at Synchrony Financial, Capital One and Bread Financial. "This skews toward the worst-case scenario," one analyst wrote.