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A federal judge in Fort Worth, Texas, on Friday blocked a new Biden administration rule that would prohibit credit card companies from charging customers late fees higher than $8.
Credit card late fees will now be capped at $8 thanks to a new rule instated by the Consumer Financial Protection Bureau (CFPB). Starting Tuesday, May 14, large card issuers can't charge you more ...
The Consumer Financial Protection Bureau finalized a rule limiting credit card late fees to $8. The move could save 45 million people an average $220 per year on late fees.
The rule would bring the average credit card late fee down from $32. The bureau estimates banks brought in roughly $14 billion in credit card late fees a year. “In credit cards, like so many corners of the economy today, consumers are beset by junk fees and forced to navigate a market dominated by relatively few, powerful players who control ...
The Consumer Financial Protection Bureau estimates banks make about $14 billion a year in credit card late fees, with the average fee at $32. Regulators estimate capping the fee at $8 would save ...
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.
The rule would bring the average credit card late fee down from $32. The bureau estimates banks brought in roughly $14 billion in credit card late fees a year. “In credit cards, like so many corners of the economy today, consumers are beset by junk fees and forced to navigate a market dominated by relatively few, powerful players who control ...
The Consumer Financial Protection Bureau (CFPB) finalized a rule to slash credit card late fees to $8, from the current average of $32 on March 5 as part of President Joe Biden's administration's...