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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.
Credit card late fees will now be capped at $8 thanks to a new rule instated by the Consumer Financial Protection Bureau (CFPB). Starting Tuesday, May 14, large card issuers can't charge you more ...
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 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.
The Consumer Financial Protection Bureau estimates banks make about $14 billion a year in credit card late fees, with the average fee at $32. Regulators estimate capping the fee at $8 would save ...
Currently, credit card companies can charge as much as $30 for a first late payment under a law enacted in the wake of the 2008-09 financial crisis. The CFPB said it had reviewed market data to ...
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.
Bankers say an $8 late fee on credit cards would be 'far below banks' actual costs.' Regulators say consumers would save $10 billion with new fee.