The Washington Post: "The U.S. government on Tuesday announced it would sharply limit the fees that credit card companies can charge customers who fall behind on their bills, aiming to cap the penalties at $8 in a move that is expected to draw fierce resistance from financial giants."
"In issuing the restrictions, the Consumer Financial Protection Bureau said the government intends to close a legal loophole that had allowed some financial giants to charge an average of $32 per month for a missed or late payment. The amount has proved onerous for some cash-starved cardholders, while enriching the credit card industry, which reaped more than $14 billion in revenue from late fees in 2022, according to the CFPB."
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