Flanked by members of the White House Competition Council he created after taking office, President Joe Biden on Wednesday urged Congress to pass the Junk Fee Prevention Act at the council’s fourth meeting.
Part of that legislation would cap credit card late fees at around $8 and eliminate or limit other charges, Biden said.
Estimating that the move could reduce late fees paid by consumers by $9 billion per year, the Consumer Financial Protection Bureau (CFPB) introduced the proposal on Feb. 1.
Credit card companies presently charge as much as $41 for a missed payment and $30 for an initial late payment, according to CFPB director Rohit Chopra, who is part of the Competition Council….