As part of the Biden's administration's efforts to eliminate so-called 'junk fees,' the Consumer Financial Protection Bureau has finalized a rule that would cap credit card late fees at $8.The average credit card late fee is $32, so the savings for consumers could be huge. The CFPB estimates that, once it takes effect, the new rule will save Americans over $10 billion a year.
''Big banks have no need to nickel and dime everyday families with hidden, high-cost late fees based on the massive profits they brag about to wealthy investors,' said Accountable.US' Liz Zelnick. 'Bank industry lobbyists claim junk fees teach responsibility, but families who are price-gouged with late fees as high as $41 buried in the fine print only get a hard lesson in corporate greed.'There's already been some pushback, as the U.S.