Late fees on credit cards could be capped at $8 if a plan from the Consumer Financial Protection Bureau moves forward.
David Goldman/APCredit card logos are seen on a downtown storefront as a pedestrian passes in Atlanta in 2012.The Consumer Financial Protection Bureau is moving ahead with a plan to place new limits on credit card late fees that it says will save consumers money and prohibit companies from charging excessive penalties. But banking groups say the proposal would result in higher costs for consumers.
Companies were allowed to avoid that provision by instead charging late fees at a rate set by the Fed. Those fees have increased with inflation, and credit card issuers can now charge $30 for a first late payment and $41 for any other late payment within six billing cycles.published Wednesday, late fees would be capped at $8.
The proposal would also end the automatic inflation adjustment and cap late fees at 25% of the required minimum payment rather than the 100% that's currently permitted.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
State lawmakers considering ‘TSWIFT Consumer Protection Act’ concerning ticket sales“The legislature believes ticket sellers should be ‘fearless’ in providing integrity, fairness, and transparency with consumers, and therefore, the legislature refuses to ‘shake it off,’” the bill reads in part.
Read more »
CHOP’s Medical Financial Partnership program offers free tax preparation and financial counseling services to familiesDaily News | CHOP’s Medical Financial Partnership program offers free tax preparation and financial counseling services to families
Read more »
Biden administration moves to curb credit card late feesThe Consumer Financial Protection Bureau is proposing an $8 cap on credit card late fees as the White House takes aim at charges across several industries.
Read more »
Arvada man, 61, hasn’t been seen since last Sunday, Colorado Bureau of Investigation saysAn Arvada man has been missing since the weekend and police are asking for your help to find him. Please call 720-898-6900 if you have any information on his whereabouts.
Read more »
SE BUREAU/LEGISLATIVE MMJ - KTUU (Juneau, AK) in Anchorage, AK**About Gray Television:** Gray Television is a leading media company that owns and operates high-quality stations in 113 television markets that collectively reach 36 percent of US television households. We constantly strive for excellence. Through upgrading to the latest technology and seekin...
Read more »
NZD/USD edges lower past 0.6500 with eyes on China PMI, US CB Consumer ConfidenceNZD/USD edges lower past 0.6500 with eyes on China PMI, US CB Consumer Confidence – by anilpanchal7 NZDUSD RiskAppetite PMI ConsumerConfidence Fed
Read more »