Washington Examiner, April 3, 2022, Banks brace for CFPB to take aim at credit card late fees
Banks expect the federal government to crack down on credit card late fees following a highly critical report from the Consumer Financial Protection Bureau highlighting the effects of the penalties on households.
The report, published this past week, emphasized that the $12 billion in late fees charged in 2020 hurt millions of families, particularly those with subprime accounts. The watchdog agency said it also expects many major card issuers to further increase the fees, based on inflation.
