Judge Blocks Credit Card Fee Cap

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excessive late fees

Associated Press News

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Business

Business & Economics

How to avoid credit card late fees after a court threw out a proposed cap

Summary

Nutrition label

82% Informative

The Consumer Finance Protection Bureau finalized the rule last year as part of the Biden administration's efforts to do away with what it called junk fees.

Banks and industry groups argued that the rule didn't allow card issuers to charge fees high enough to deter late payments and discourage repeat violations.

The CFPB estimated that American families would have saved more than $10 billion in late fees annually .

The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism..

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Informative language

Neutral language

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semi-formal

Language

English

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not offensive

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not hateful