The Consumer Financial Protection Bureau finalized a rule to cut the typical credit card late fee from $32 to $8, saving American families around $10 billion per year in late fees. The rule closes a loophole that has allowed issuers to increase late fees based on inflation. Biden touted the rule's savings of an average of $220 annually for over 45 million Americans who pay late fees. Industry groups oppose the rule, arguing it could force them to raise interest rates charged to consumers. Biden highlighted this rule as part of efforts to lower everyday costs for Americans ahead of the election.
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00:00 It's Benzinga and here's what's on the block.
00:02 The Consumer Financial Protection Bureau finalized a rule that would cut the typical
00:05 credit card late fee from $32 to $8, saving American families around $10 billion per year
00:10 late fees. The rule closes a loophole that had allowed issuers to increase late fees based on
00:14 inflation. Biden touted the rule's savings of an average $220 annually for over 45 million
00:20 Americans who pay late fees. Industry groups opposed the rule, arguing it could force them
00:24 to raise interest rates charged to consumers. Biden highlighted this rule as a part of efforts
00:28 to lower everyday costs for Americans ahead of the election. For all things money, visit Benzinga.com.