- Aug 3, 2012
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Credit card fees slashed for millions of Americans
The White House said President Joe Biden is committed to making sure "corporations are held accountable when they try to rip off Americans."
www.newsweek.com
Credit card fees will be slashed as part of new rules brought in by the Joe Biden administration.
According to a release issued by the White House on Tuesday morning, the Consumer Financial Protection Bureau (CFPB) has finalized a ruling that will cut the typical credit card late fee from the current average of $32 to $8.
The new rule closes a loophole in a federal law called the CARD Act, which allows major credit card issuers to charge increasing fees if individuals are late in paying off their debt.