WASHINGTON D.C. (ADAMS) – Credit card late fees are now capped at $8. It’s part of a larger initiative by the Biden administration to get rid of junk fees. The Consumer Financial Protection Bureau estimates the new regulation will save families more than $10 billion a year.
It applies to large credit card issuers with more than a million accounts, which represent more than 95 percent of total outstanding credit card debt.
This comes as the White House tries to show it’s taking action to help families with the high cost of living. The CFPB has also proposed a rule to stop excessive overdraft fees.
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