President Biden will announce a proposed rule that would limit the late fees credit-card companies can charge, bringing penalties down to $8 for a missed payment, via
Conversation
Isn't this an even more aggressive limit than Obama's rules that Trump undid?
1
I'm old enough to remember when the CFPB was "independent"
A little nitpick: “credit card companies” don’t charge late fees.
Banks do.
Banks are also responsible for “swipe fees,” or interchange, the fees merchants pay. The credit card networks do receive fees, but quite nominal ones, comparably.
1
2
The American banking system has made a fortune on the debt of its customers, encouraging it too. Other countries severely limit what banks can do in that regard, and guess what? Their banks are still their in top 10 richest businesses!
2
Show more replies