Center for Political Awareness

Biden wants to Cap Credit Card Late Fees at $8. Guess Who’s Suing to Stop Him?

President Joe Biden struck a winning note in his State of the Union address when he announced that his administration has moved to cut credit card late fees from $32 to $8. (Click image for article.)

Photo: President Joe Biden

 

President Joe Biden struck a winning note in his State of the Union address when he announced that his administration has moved to cut credit card late fees from $32 to $8. It’s part of a broader effort to eliminate those annoying junk fees that cost American consumers billions of dollars a year.

“They don’t like it,” Biden said. “The credit card companies don’t like it.”

Biden was certainly right about banksters not liking the new regulation on capping credit card late fees announced by the federal Consumer Financial Protection Bureau on Tuesday. 

Just hours before Biden’s Thursday night address, six trade groups—the American Bankers Association, the Consumer Bankers Association, the U.S. Chamber of Commerce and three Texas business associations—filed a federal lawsuit against the CFPB to vacate the new rule.

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