Major Win for Consumers: Credit Card Late Fees Reduced by CFPB Ruling

Under new regulations introduced by the Joe Biden administration, millions of Americans will see a reduction in credit card fees. The White House announced that the Consumer Financial Protection Bureau (CFPB) has completed a ruling that significantly lowers the standard credit card late fee from an average of $32 down to $8. This move aims to alleviate the financial burden on consumers and marks a substantial shift in credit card fee policies.