Business Groups Criticize Biden Administration's New Fees Crackdown as Harmful Overreach
• The U.S. Chamber of Commerce and banking groups criticized Biden's new "strike force" to crack down on "junk fees" as a return to government price control • The Chamber said the strike force, led by DOJ and FTC, will result in shortages, fewer choices, a weaker economy, and less jobs • Banking groups blasted a new CFPB rule capping credit card late fees at $8, arguing it will raise interest rates and reduce credit availability • The CFPB estimates the late fee cap will save Americans $10 billion per year, with an average savings of $220 per person • CFPB Director Chopra said the rule "ends the era of big credit card companies hiding behind the excuse of inflation when they hike fees on borrowers"