The Consumer Financial Protection Bureau on Wednesday announced a proposal to limit late fees to $8, which would apply to any missed payment. To charge higher fees, credit card companies would have to prove they were required to cover collection costs.The proposed rule also would eliminate the automatic annual inflation adjustment. Instead, the CFPB would examine market conditions and make any adjustments as necessary.
“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. “Today’s proposed rule seeks to save families billions of dollars and ensure the credit card market is fair and competitive.
A spokesman for the American Bankers Association told the Washington Examiner at the time that the report is “yet another example of the CFPB criticizing the financial services industry for following the very rules the bureau sets.”
Yip, people who can't afford the repayments should always get MORE debt they can't pay, always works 🙄
TANSTAAFL
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