Credit card late fees to be capped at $8 under Biden campaign against "junk fees"

New Biden administration rule would cap credit card late fees at $8

It would save an average of $220 per year for 45 million people who incur such penalties.

President Joe Biden Announces Cap of All Credit Card Late Fees at $8

Banking industry erupts over Biden admin's new rule on credit card late fees: 'Should not be allowed'

Banking and credit card companies have started reacting to a new Biden administration rule that puts an $8 ceiling on credit card late fees."Today’s flawed final rule will not only reduce competition and increase the cost of credit, but will also result in more late payments, higher debt, lower credit scores and reduced credit access for those who need it most," American Bankers Association President and CEO Rob Nichols said in a press release p…

New Rule to Limit Credit Card Late Fees to $8 - News Facts Network

The Biden administration, through the Consumer Financial Protection Bureau (CFPB), has introduced a rule to... The post New Rule to Limit Credit Card Late Fees to $8 appeared first on News Facts Network.

Biden admin cements new rule to limit credit card late fees

The Consumer Financial Protection Bureau (CFPB) finalized a rule Tuesday to limit late payment fees issued by credit card companies, a move the agency says will reduce the typical fee by 75 percent and save U.S. consumers an average of $220 per year.

Credit card late fees capped at $8 as part of Biden administration crackdown on junk fees

Federal regulators finalized a rule on Tuesday to cap most credit card late fees at $8 as part of a broader push by the Biden administration to eliminate junk fees.