CFPB rule to save Americans $10 billion a year in late fees faces possible last-minute freeze
Publishing timestamp: 2024-05-09 13:12:31
Summary
A regulation by the Consumer Financial Protection Bureau to reduce late fees on credit cards is facing a legal challenge led by the U.S. Chamber of Commerce. The industry is seeking to prevent the new rule from taking effect, which would limit late fees to $8 per incident. The outcome of the legal battle will determine whether the regulation will be implemented as planned.
Sentiment: MIXED
Keywords: breaking news: politics, breaking news: investing, products and services, banks, synchrony financial, capital one financial corp, business, joe biden, washington d.c., investment strategy, politics, breaking news: markets, business news, personal finance,
Source: https://www.cnbc.com/2024/05/09/cfpb-credit-card-late-fee-cap-faces-possible-freeze.html