Biden administration to limit credit card late fees in move against junk fees

The Biden administration on Tuesday unveiled its latest measures to combat rising consumer costs and charges known as junk fees, including an interagency effort to crack down on inflated prices and limiting what banks can charge for late credit card payments. The Justice Department and the Federal Trade Commission will lead a joint “strike force” aimed at stopping illegal corporate behavior that hikes prices on Americans through anticompetitive or fraudulent business practices, said administration officials.