The Biden administration wants credit card late fees to be slashed to $8 and for Apple and Google to reduce the amount they charge on their mobile app stores.
White House officials stated that this is part of a larger policy effort to promote competition in consumer markets.
President Joe Biden’s Competition Council announced on Feb. 1 that the Consumer Financial Protection Bureau (CFPB) would propose a rule that would slash “excessive” credit card late fees through use of the Credit CARD Act of 2009.
The president’s Competition Council was created in 2021, when consumer inflation was at a 40-year high.
White House Wants to Ban Late and Hidden Fees
The CFPB plans to reduce typical late fees from roughly $30 to $8 and save consumers as much as $9–12 billion a year….