Discover if you qualify for savings on credit card fees under the new proposal

AMERICANS may be able to save on late fees due to 

a new proposal from the U.S. government.

Consumer Financial Protection Bureau (CFPB) wants to 

Cap late fees at $8 for consumers who don't pay their bills on time.

American consumers could save $9 billion in fees 

each year under the plan, according to the CFPB.

After a study by the Consumer Financial Protection Bureau 

found credit companies charged $12 billion in late 

fees in 2020, the CFPB has made this recommendation.

A decade ago, Congress banned excessive credit card late fees, 

But companies have exploited a regulatory loophole in 

Order to charge an otherwise illegal junk fee, said Rohit Chopra, 

director of the Consumer Financial Protection Bureau.

A number of financial industry representatives are 

Criticizing the proposal, saying it would increase consumer costs and reduce access to credit.

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