Regulator proposes capping credit card late fees at $8, latest in Biden campaign against ‘junk fees’

The Biden administration announced a rule Tuesday to cap all credit card late fees, the latest effort in the White House push to end what it has called “junk fees” and a move that regulators say will save Americans up to $10 billion a year. The Consumer Financial Protection Bureau’s new regulations will set a ceiling of $8 for most credit card late fees, or require banks to show why they should charge more than $8 for such a fee. The rule would bring the average credit card late fee down from $32.