Justin Boggs is a writer for the E.W. Scripps company. Justin covers anything from politics to sports and entertainment.
During Thursday's State of the Union address, President Joe Biden said he backs the Consumer Financial Protection Bureau's proposal to cap credit card late fees to $8 per missed payment. The rule will go through a period of public feedback before being implemented by the Biden administration.
“ICBA remains concerned that the CFPB’s proposed rulemaking on overdraft services and final rule on credit card fees for late payments will have unintended consequences on all institutions," Romero Rainey said."These restrictions would also have a negative ripple effect on customers and businesses that rely on overdraft services by causing them to experience the harsh realities of rejected payments.
The Biden administration estimates that the proposal would reduce credit card companies’ late fee revenue by $9 billion annually. “The CFPB’s action to cap credit card late fees below banks’ actual costs exceeds its authority and would result in more late payments, increased debt, reduced credit access and higher APRs for all consumers—including the vast majority of cardholders who pay on time each month,” American Bankers Association CEO Rob Nichols said.
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