Tag Archives: Junk Fees

CFPB Proposes Rule to Cap Credit Card Late Fees

The Consumer Financial Protection Bureau yesterday issued a proposed rule seeking to lower credit card late fees at $8, bring an end to the automatic inflation adjustment that occurs annually, and cap late fees at 25% of the minimum payment owed by the cardholder. The proposal would save consumers as …

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Biden, CFPB Take Next Step in Junk Fee Crackdown

CFPB Logo

In a joint appearance yesterday, President Joe Biden and Rohit Chopra, the Director of the Consumer Financial Protection Bureau announced new guidance that deems a pair of fees charged by financial institutions to “likely” be unfair and unlawful under existing law. The announcement is part of a crackdown on what …

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