Ranking Member Waters Applauds Consumer Financial Protection Bureau's Groundbreaking Rule to Reduce Credit Card Late Fees

Press Release

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released the following statement applauding the Consumer Financial Protection Bureau's (CFPB) recently proposed rule that would reduce credit card late fees from as much as $41 to $8.
"I applaud Director Chopra and the Consumer Financial Protection Bureau for their latest effort to combat junk fees, by proposing a rule to reduce the maximum late fee that credit card companies can charge consumers to $8. This is a big improvement from the typical $30 to $41 late fees many companies charge, which cost consumers around $12 billion each year. At a time when consumers are paying more on their credit card balances as the Fed keeps raising interest rates, the CFPB's proposal will be a welcome relief and save consumers $9 billion a year once it is finalized.

"During yesterday's State of the Union, I was pleased to hear President Biden call out junk fees by name, and double down on the Administration's commitment to limit hidden fees and surcharges in a number of industries. Committee Democrats will continue to support this effort, as we have long helped lead the fight to shine a bright light on these types of harmful junk fees and have advanced legislation to ensure consumers are not nickel and dimed out of savings that could go towards buying a new home or starting a small business. Thanks to the leadership of Director Chopra, the CFPB is helping to advance these efforts to put more money back into consumers' pockets. I, and consumers across the country, can't wait for this rule to be finalized as soon as possible."

Source