New Credit Card Late Fee Cap Set by Biden Administration
Tuesday, 5 March 2024, 16:17
Biden Administration's Action Against Excessive Fees
The Biden administration has unveiled a new policy to restrict credit card late fees, setting the cap at $8 to protect consumers from unfair charges. This initiative, outlined by the White House Competition Council, aims to enhance market competition and reduce financial burdens on individuals.
Key Points:
- Biden administration introduces $8 cap on credit card late fees
- New policy designed to promote competition in the economy
- Focus on saving money for consumers and enhancing market competition
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.