Set to take effect on Tuesday, the rule would save households $10b a year in “junk fees,” the Consumer Financial Protection Bureau said.
| less than a minute read
Judge blocks new U.S. rule limiting credit card late fees
In announcing the new rule, Rohit Chopra, the bureau’s director, said it would end “the era of big credit card companies hiding behind the excuse of inflation when they hike fees on borrowers and boost their own bottom lines.” President Biden backed the rule, saying, “The American people are tired of being played for suckers.”
