The Consumer Financial Protection Bureau on Wednesday proposed lowering late fees that credit card companies can charge without legal challenge by at least 73 percent, to $8.
The change, if finalized, would save consumers up to $9 billion a year, according to the agency. The proposal is part of a bigger push by the White House to lower fees paid by consumers, including those charged by airlines and ticket sales platforms.
“While it may be fair to charge customers for extra costs that credit card companies are incurring, that’s not what we see here,” CFPB Director Rohit Chopra said Tuesday on a press call.
