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News@lemmy.world · 10 months ago

Credit card late fees capped at $8 under Biden crackdown on 'junk fees'

www.usatoday.com

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Credit card late fees capped at $8 under Biden crackdown on 'junk fees'

www.usatoday.com

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News@lemmy.world · 10 months ago

The Biden administration finalized a rule Tuesday that will close a loophole to slash fees charged by companies from an average of $32 to $8.

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10 months ago

The U.S. Chamber of Commerce said it would be filing a lawsuit against the CFPB "to prevent this misguided and harmful rule from going into effect.”

Don’t hold your breath. The current state of the judiciary is nakedly hostile to administrative law generally and bank regulations specifically.

Keep an eye on Consumer Financial Protection Bureau v. Community Financial Services Association of America, Limited. Might not even have the CFPB for much longer.

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