The Consumer Financial Protection Bureau's new regulations will set a ceiling of $8 for most credit card late fees.
File - Credit card options are shown on a store's door on Nov. 29, 2018 in Philadelphia. , the latest effort in the White House push to end what it has called "junk fees" and a move that regulators say will save Americans up to $10 billion a year.
In credit cards, like so many corners of the economy today, consumers are beset by junk fees and forced to navigate a market dominated by relatively few, powerful players who control the market," said Rohit Chopra, director of the bureau, in a statement. The Biden administration has portrayed the White House Competition Council as a way to save people money and promote greater competition within the U.S. economy.
Americans held more than $1.05 trillion on their credit cards in the third quarter of 2023, a record, and a figure certain to grow once the fourth-quarter data is released by the Federal Deposit Insurance Corp. next month. Those balances are now carrying interest on them, which is the highest it has been since the Federal Reserve started tracking the data back in the mid-1990s.
last month for $35 billion. The two companies, which are two of the largest credit card issuers, are also two companies whose customers regularly carry a balance on their accounts.
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