CFPB proposes lowering credit card late fees

Summary by Ground News

Synchrony Financial, Capital One and Bread Financial share prices fall. The Consumer Financial Protection Bureau plans to cut late fees to $8. The agency says the proposal could reduce late fees by as much as $9 billion a year. The industry is likely to fight the proposal in court.

Published 2 months ago

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Washington Times

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.

2 months ago·Washington, United States

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Washington Examiner

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.

2 months ago·Washington, United States

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Common Dreams

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."

2 months ago·United States

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Roll Call

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…

2 months ago·Washington, United States

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American Banker

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.

2 months ago

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