01
Feb
President Biden Will Call for a Junk Fee Prevention Act to Eliminate Unfair and Costly Junk Fees As part of the fourth meeting of the President’s Competition Council, the Biden-Harris Administration is announcing two actions that further advance the President’s agenda of promoting competition in the American economy. First, the Consumer Financial Protection Bureau (CFPB) is proposing a rule that would slash excessive credit card late fees, pursuant to its authority under the bipartisan Credit CARD Act of 2009. The rule is projected to reduce typical late fees from roughly $30 to $8, saving consumers as much as $9 billion a…
