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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