CFPB proposes lowering credit card late fees
6 Articles
6 Articles
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…
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.
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