Signage is seen at the Consumer Financial Protection Bureau headquarters in Washington, D.C., May 14, 2021.
"Over a decade ago, Congress banned excessive credit card late fees, but companies have exploited a regulatory loophole that has allowed them to escape scrutiny for charging an otherwise illegal junk fee," CFPB Director Rohit Chopra said in a press release. "Today’s proposed rule seeks to save families billions of dollars and ensure the credit card market is fair and competitive.
"Specifically, the proposed rule would lower the immunity provision for late fees to $8 for a missed payment as well as end the automatic annual inflation adjustment," the CFPB announced. "The proposed rule would also ban late fee amounts above 25% of the consumer’s required payment."Last year, in a bid to give U.S.
Oh boy this caravan short squeeze might get rowdy! carvana shortsqueeze cvna AMC GME
Buahaha. Biden administration has fully embraced dimensia. Oh and when he said the pandemic was over. He made a misunderstood comment that the microphone was an agent of disinformation.
TheDemocrats LOBBYIST WONT DO IT
THAT SHOULD BE TO ALL PAYMENTS
In unrelated news, credit card issuers are now raising interest rates across the board by 2%.