Home Uncategorized Biden Administration Caps Credit Card Late Fees at Eight Dollars in Sweeping Consumer Protection Initiative

Biden Administration Caps Credit Card Late Fees at Eight Dollars in Sweeping Consumer Protection Initiative

by Sonia Park
Biden Administration Caps Credit Card Late Fees at Eight Dollars in Sweeping Consumer Protection Initiative

In a significant move aimed at easing the financial burden on American households, the Biden administration has capped credit card late fees at eight dollars. This initiative, part of a broader effort to eliminate excessive fees, is orchestrated by the Consumer Financial Protection Bureau (CFPB). The new regulation, estimated to save families over $10 billion annually, focuses on large credit card issuers with more than a million accounts, representing a substantial portion of outstanding credit card debt. This article delves into the details of the late fee cap, its potential impact on consumers, and the broader context of the Biden. . .

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