Biden administration wants credit card late fees slashed to $8 ...Middle East

The Biden administration is set to propose a rule that would reduce credit card late fees from roughly to $30 to $8, saving consumers up to $9 billion annually, the White House announced on Wednesday. The rule from the Consumer Financial Protection Bureau (CFPB), along with other actions — like the White House urging Congress to pass a bill to crack down on entertainment, utility and travel fees that hit many consumers — will be announced in the fourth meeting of the President’s Competition Council. These actions build on President Biden’s efforts to eliminate or limit junk fees, which are hidden or unexpected fees customers face. “We worry that credit card companies are actually ho

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Last updated : 01 February 2023 clock 01:36 PM

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Biden administration wants credit card late fees slashed to $8 ...Middle East

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