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International Business Times
International Business Times
Business
Litty Simon

CFPB Slashes Credit Card Late Fees, Saving Billions

CFPB Joe Biden

The Consumer Financial Protection Bureau (CFPB) has finalized a rule to cut late payment fees from credit card companies, aiming to reduce the average fee by 75 percent and save U.S. consumers an estimated $220 annually. The rule is expected to save Americans over $10 billion in late fees each year, lowering the typical fee from $32 to $8.

According to The Hill, the White House sees this as part of a broader effort by the Biden administration to eliminate "junk fees" in the financial sector. Senate Republicans, however, oppose the rule, arguing that fees promote financial discipline. Senate Banking Committee member Tim Scott (R-S.C.) plans to use the Congressional Review Act to block the rule, set to take effect in 60 days.

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