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U.S. House Committee on Financial Services
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U.S. House Committee on Financial Services - Ranking Member: | Facebook: bit.ly/2Kr2d8J | YouTube: bit.ly/2YfkeeQ
Washington, DCdemocrats-financialservices.house.govJoined May 2011

U.S. House Committee on Financial Services’s Tweets

We applaud 's proposed rule to limit excessive credit card late fees. This is money 💵💵 that American families will keep in their pockets. Learn more about the proposed rule:
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Today, the CFPB proposed a rule to curb excessive credit card late fees that cost American families about $12 billion each year. Learn more about the proposed rule and how you can submit feedback. consumerfinance.gov/about-us/newsr
The Consumer Financial Protection Bureau has proposed a new rule to rein in excessive credit card late fees. The proposed rule would: Reduce late fees to $8 for most cases, End the automatic annual inflation adjustments for those late fees, Cap late fee amounts at 25% of the minimum payment. In 2020, credit card companies charged customers about $12 billion in late fees. If finalized as proposed, the rule could reduce late fees by as much as $9 billion a year. To learn more about the proposed rule and to share your feedback, visit consumerfinance.gov/CreditCardLateFees.
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