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Biden administration proposes an $8 cap on credit card late fees

Por: WPTV Business February 02, 2023

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The Consumer Financial Protection Bureau is proposing new rules limiting credit card late fees to $8 per missed payment. The CFPB’s proposed rule would also limit late fees to 25% of the required minimum payment.The rule will go through a period of public feedback before being implemented by the Biden administration.CFPB officials say that $8 per missed payment far exceeds the collection costs associated with late payments. The CFPB says that... + full article



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