Posted 3/5/2024, 1:00:00 PM
U.S. Caps Credit Card Late Fees at $8, Closing Loopholes and Saving Cardholders Billions
- U.S. caps credit card late fees at $8 per late payment in new regulations from the Consumer Financial Protection Bureau
- Move aims to close loopholes that allowed fees averaging $32 per month, saving cardholders $10 billion a year
- Banking industry expected to sue over rules, claims it will limit credit access and rewards programs
- Regulations precede Biden meeting on competition issues and crackdown on "junk fees" across sectors
- Comes amid wider Biden effort to address inflation through corporate accountability on costs and fees