The Consumer Financial Protection Bureau estimates that banks made roughly $14 billion in credit card late fees a year.
A proposed rule to cap credit card fees is part of the latest effort by the Biden administration to end what it calls "junk fees."The Consumer Financial Protection Bureau's new regulations will set a ceiling of $8 for most credit card late fees or require banks to show why they should charge more than $8 for such a fee.This rule would also bring the average credit card late fee down from $32.
Citing the analysis, the AP noted that Americans pay roughly $90 billion a year in junk fees, including for concerts, apartment rentals and auto dealers.RELATED: Data reveals states with the highest credit card debtPrevious efforts were made to address credit card fees. In 2010, Congress passed the CARD Act, which banned credit card companies from charging penalty fees and established better disclosures and consumer protections.
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