Biden admin. aims to slash credit card late fees to $8

The White House will propose a rule intended to lower credit card late fees to approximately $8. 

The Consumer Financial Protection Bureau (CFPB) will propose the rule at President Biden's fourth Competition Council meeting.

"Over a decade ago, Congress banned excessive credit card late fees, but companies have exploited a regulatory loophole that has allowed them to escape scrutiny for charging an otherwise illegal junk fee," CFPB Director Rohit Chopra said in a press release. "Today’s proposed rule seeks to save families billions of dollars and ensure the credit card market is fair...