CFPB Fights Back Against “Junk Fees” That Harm Consumers

The Consumer Financial Protection Bureau has announced a new rule that caps credit card late fees at $8. The announcement of the cap, which was put in place after a review of a decade of market data, characterized ever-rising late fees as predatory. According to the CFPB, the new cap will save 45 million Americans approximately $220 per year in late fees. 

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