Biden Administration Caps Credit Card Late Fees at Eight Dollars in Sweeping Consumer Protection Initiative

In a significant move aimed at easing the financial burden on American households, the Biden administration has capped credit card late fees at eight dollars. This initiative, part of a broader effort to eliminate excessive fees, is orchestrated by the Consumer Financial Protection Bureau (CFPB). The new regulation, estimated to save families over $10 billion annually, focuses on large credit card issuers with more than a million accounts, representing a substantial portion of outstanding credit card debt. This article delves into the details of the late fee cap, its potential impact on consumers, and the broader context of the Biden. . .