Debating the New Rules for Credit Card Late Fees
Episode Description
"Credit cards are mendacious, and the problem is these hidden fees"
@KaraSwisher and @ProfGalloway discuss the new rules for credit card late fees. Listen to the full conversation on the latest Pivot episode, wherever you get your podcasts.
Brief Summary
New CFPB rule caps credit card fees at $8, sparking industry backlash.
Key points
- New Credit Card Fee Cap. The Consumer Financial Protection Bureau caps credit card fees at $8, down from $32.
- Biden Administration's Push. This move is part of a broader initiative to eliminate junk fees.
- Industry Pushback. The Chamber of Commerce plans to file a lawsuit against the Bureau for this regulation.
