Credit card late fees capped at $8 under Biden crackdown on 'junk fees'

Disappointed in the comments here so far. There's a cardinal rule of improv that also works well for many other things in life, politics included: "yes, and".

This is a great change that will save folks money and make the country just a little bit fairer. Celebrate that, and then use the momentum to push for more. This builds alliances and a shared vision, instead of devolving into petty squabbles around direction.

How about fucking "convenience fees" when I do shit like pay my fucking rent?

Always real "convenient" that there's a charge for paying your bills.

Holy shit how are Boe Jiden's consumer protection agencies so based all day long? Not only do we have this EXCELLENT SHIT from the CFPB, we also get the constant anti-trust lawsuits from QUEEN Lina Khan, who is making the FTC relevant again!

Antitrust has been dead for generations, and for the first time in my+grandparents lifetime we see the government trying to reign in the travesty that is American corporatism. Fuck damn I love to see it!

The banking industry opposes caps on overdraft and credit card late fees

I'm shocked

I love all the little things his administration keeps doing, and they're good. I just wish he had some big initiative he could hang his hat on. Little things like this - while good - don't really get people excited and aren't the sea change(s) we need.

I know, a big part of that is congress.

But damn surely there's a lot more ballsy stuff that could have been done by now. Weed not being federally legalized yet is stupid, for one thing.

Great step forward. Now eliminate debit card overdrafting and those fees.

We need interest caps and a social safety net so people don't have to turn to 29% predatory lending.

... will close a loophole to slash late fees charged by credit card companies from an average of $32 to $8, which the agency projects will save $220 annually for 45 million Americans.

Someone double check my math here. But I'm reading this statement to say that 45 million Americans are - on average - late on 10 credit card payments each year. That's probably not a good sign of a healthy economic outlook.

Watch the credit card companies switch to charging late fees per day instead of per month that you're late.

Even though banks will still be able to charge limited overdraft fees, it won't be able to exceed the banks' losses under the rule. The CFPB has not finalized an amount but is exploring overdraft fees capped at $3, $6, $7, or $14, plus $.50 per transaction. The overdraft rule is currently under review.

They need to move their asses on this one. I think many banks charge $25-35 for an overdraft, an absurd amount of money that is obviously being charged to someone who doesn't have money.

While they're at it, why not cap processing fees as junk fees? It for sure doesn't cost 2.9% of your grocery bill to facilitate the payment- it's all automated and there's little to no labor involved in the actual processing, it's just collecting economic rent

Let's cap fees doctors can charge for missing an appointment. Since doctors seem to want to schedule months out sometimes shit comes up and we don't know our schedule months away.

Full disclosure: Trump bad! Biden good!

Impressive considering he reports directly to MBNA.
The article misrepresents it a bit because he didn't just back it. He actually WROTE that bill.

Okay. Why can't they just get rid of the fees altogether? Why do we need to have ANY kind of junk fees for anything? Oh wait, I know. To make rich people richer.

Like they're going to just take the lack of those fee profits off the bottom line. Look forward to the new and/or increased yearly fees now.

Just extend that to medical care, and we Gucci... How about outlawing punitive deductibles for health insurance?

Would this push banks to increase interest rates? Mine is already 20% and I've been making my minimum payments.

Idk, I just know banks are schisters who will always find a way to screw the poors.

they'll just charge 40% interest on that late fee.

Yes but still won't keep late payments from potentially wrecking your credit.

What kind of regard doesn't pay off their cc fully every month?