00:00:00
the Consumer Financial Protection Bureau
00:00:01
will now cap credit card fees uh at $8
00:00:04
down from an average of $32 the bureau
00:00:06
estimates a new rule will save families
00:00:07
more than billion the move part of a
00:00:09
push by the Biden Administration to
00:00:11
eliminate junk fees the financial
00:00:12
industry has warned the rule will hurt
00:00:14
consumers by encouraging late payments
00:00:16
and the Chamber of Commerce says it will
00:00:17
file lawsuit against the Bureau for
00:00:19
misguided regulation this is a good
00:00:21
thing with consumers I don't need the
00:00:22
financial companies to say that it will
00:00:25
um encourage lay payments none of their
00:00:27
business I'm up two minds credit cards
00:00:28
are mendacious and the problem is these
00:00:30
hidden fees the government does act
00:00:32
paternalistic at the same time if it's a
00:00:35
competitive market and there's a lot of
00:00:36
different players they should have the
00:00:38
right to price their products including
00:00:39
late fees on this stuff though it does
00:00:42
tend to prey most on lower income
00:00:46
households or people with revolving debt
00:00:48
and I do think there should probably be
00:00:50
caps so in in some I'm in favor of
00:00:53
this
