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Starting Tuesday, May 14, large card issuers can't charge you more than $8 if you're late on your credit card payments. Families throughout the U.S. will save an estimated $10 billion in late fees ...
Federal regulators finalized a rule on Tuesday to cap most credit card late fees at $8 as part of a broader push by the Biden administration to eliminate junk fees.
The CFPB made a proposal back in February 2023 to effectively cap credit card late fees at $8 and then issued a final rule in March on an $8 fee, which bankers said was lower than many expected it ...
The Consumer Financial Protection Bureau's new regulations will set a ceiling of $8 for most credit card late fees, or require banks to show why they should charge more than $8 for such a fee. The rule would bring the average credit card late fee down from $32. The bureau estimates banks brought in roughly $14 billion in credit card late fees a ...
The Consumer Financial Protection Bureau (CFPB) finalized a rule to slash credit card late fees to $8, from the current average of $32 on March 5 as part of President Joe Biden's administration's...
The Consumer Financial Protection Bureau finalized a rule limiting credit card late fees to $8. The move could save 45 million people an average $220 per year on late fees.
The finalized regulation, which the Consumer Financial Protection Bureau (CFPB) first proposed last year, will cap most credit card late fees at $8, down from the current average of $32.
On March 5, 2024, the Consumer Financial Protection Bureau (CFPB) finalized a rule capping credit card late payment fees at $8 for the biggest card issuers after inviting public comment on the ...