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Chamber, business groups sue CFPB over credit card late fee cap

A group of businesses has sued the Consumer Financial Protection Bureau (CFPB) over a new rule that caps credit card late fees charged by major issuers. The consumer watchdog group finalized a rule Tuesday that would cap late fees at $8, 75 percent lower than the average $32. The CFPB estimates that this rule will […]

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, […]

Credit card late fees capped at $8 under new Biden rule – AL.com

Credit card holders will soon see significantly lower late fees due to new rules from the Biden administration. of Consumer Financial Protection Bureau On Tuesday, it finalized rules that would reduce late fees charged by credit card companies from an average of $32 to a maximum of $8. The CFPB says the change will save […]

California drunk driver kills three in late night Pomona crash

Three California women were killed Saturday night by a suspected drunk driver as they drove home from a baby shower, one of them in the process of adopting her nephew. Yesenia Olaez, 33, her sister-in-law Alejandra Olaez, 33, and the car’s driver, Lorena Morales, were violently injured after a 36-year-old man ran a red light […]

Biden slashing credit card late fees to $8 in latest crackdown on junk fees

The Biden administration announced a rule Tuesday that would cap all credit card late fees. It’s the White House’s latest effort to eliminate so-called junk fees, which regulators say could save Americans up to $10 billion a year. New regulations from the Consumer Financial Protection Bureau would cap most credit card late fees at $8 […]

Biden admin cements new rule to limit credit card late fees

The Consumer Financial Protection Bureau (CFPB) on Tuesday finalized rules limiting late payment fees charged by credit card companies. The bureau says this will reduce regular fees by 75%, saving U.S. consumers an average of $220 a year. The consumer watchdog agency estimates the rule would save Americans more than $10 billion in late fees […]