CFPB finalizes rule capping credit card late fees at $8 on average
The CFPB’s new rules close loopholes that allow banks to charge exorbitant late fees. (iStock) The Consumer Financial Protection Bureau (CFPB) is finalizing rules that will limit the amount of late fees consumers can be charged. The rule limits late fees to 25% of the required payment and ends automatic inflation adjustments to these fees, […]
House Republicans rip CFPB proposal on overdraft fees
Two House Republicans blasted a proposal released Wednesday by the Consumer Financial Protection Bureau (CFPB) that proposes to reduce what the agency considers unnecessary bank overdraft fees. of CFPB's proposal It could potentially cut the cost of overdrawing money from a bank account to as little as $3, a move the Biden administration says will […]