Senators Warren, Brown, Lawmakers Seek Answers from Credit Card Issuers on Exorbitant Late Fees
Press Release
Issues: Finance and Banking
"The CFPB has found that American families lose an estimated $12 billion a year to credit card late fees. Consumers, even those who may only be a few hours behind on a credit card payment, may be slapped with fees as high as $41.
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While the banking industry has opposed the proposed rule and argued that saddling Americans with excessive late fees is essential for teaching them "responsible credit management' or "timely repayment,' consumers have filed thousands of complaints related to credit card late fees with the CFPB."
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