Regulator Would Cap Credit Card Late Fees At $8, Part Of President Biden’s Campaign Against Junk Fees
NEW YORK (AP) — A Republican senator is criticizing the Biden administration’s move to cap credit card late fees at $8.
It’s the latest effort in the White House push to end what it calls junk fees and is a move regulators say will save Americans up to $10 billion a year.
The Consumer Financial Protection Bureau says the average credit card late fee is $32.
President Joe Biden plans to highlight the proposal and other efforts to reduce costs to Americans at a meeting of his competition council on Tuesday.
GOP Sen. Tim Scott of South Carolina says the cap on credit card late fees will ultimately raise rates for many borrowers.