WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) finalized a rule to cut excessive credit card late fees by closing a loophole exploited by large card issuers. The CFPB estimates that American families will save more than $10 billion in late fees annually once the final rule goes into effect by reducing the typical fee from $32 to $8.
In response to the announcement, Demand Progress Education Fund Corporate Power Director Emily Peterson-Cassin issued the following statement:
“We applaud the CFPB for taking decisive action against the scourge of hidden fees that corporations use to exploit consumers. This move is part of the Biden administration’s ongoing efforts to combat corporate greed and promote competition. The administration’s comprehensive approach is projected to save billions of dollars annually for the American people, dollars that were being siphoned off by massive corporations to pad their own bottom lines. Our only feedback: don’t stop now.”