'Today's rule proposal proves that the bullying behavior of companies who abuse Americans for their own profit will not stand from the CFPB,' said one advocate.
The Biden administration on Wednesday was widely praised for unveilingregulatory changes that could save American families up to $9 billion a year by cracking down on unfair credit card late fees from U.S. banks.
The CFPB proposed amending regulations related to the Credit Card Accountability Responsibility and Disclosure Act to ensure that late fees—now as high as $41—are"reasonable and proportional" to the costs incurred by companies. The rule would limit most late fees to $8, ban fees greater than 25% of the required payment, and end automatic annual inflation adjustments.
Like Chopra, Liz Zelnick, director of economic security and corporate power at Accountable.US, highlighted that"despite Congress' ban on excessive late fees, the Federal Reserve's loophole has allowed greedy credit card companies to collect exorbitant charges that were designed to profit from consumers living paycheck-to-paycheck."
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