{"id":546407,"date":"2023-02-01T17:39:00","date_gmt":"2023-02-01T14:39:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/feds-move-to-crack-down-on-excessive-credit-card-late-fees\/"},"modified":"2023-02-01T17:39:00","modified_gmt":"2023-02-01T14:39:00","slug":"feds-move-to-crack-down-on-excessive-credit-card-late-fees","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/feds-move-to-crack-down-on-excessive-credit-card-late-fees\/","title":{"rendered":"#: Feds move to crack down on \u2018excessive\u2019 credit-card late fees"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a40dde66a511\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a40dde66a511\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/feds-move-to-crack-down-on-excessive-credit-card-late-fees\/#%E2%80%9C_Feds_move_to_crack_down_on_%E2%80%98excessive_credit-card_late_fees%E2%80%9D\" >&#8220;: Feds move to crack down on \u2018excessive\u2019 credit-card late fees&#8221;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/feds-move-to-crack-down-on-excessive-credit-card-late-fees\/#Consumer_Financial_Protection_Bureau_says_its_proposals_could_reduce_late_fees_charged_by_credit-card_providers_by_as_much_as_9_billion_a_year\" >Consumer Financial Protection Bureau says its proposals could reduce late fees charged by credit-card providers by as much as $9 billion a year<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/feds-move-to-crack-down-on-excessive-credit-card-late-fees\/#Steve_Gelsi\" >Steve Gelsi<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9C_Feds_move_to_crack_down_on_%E2%80%98excessive_credit-card_late_fees%E2%80%9D\"><\/span>&#8220;: Feds move to crack down on \u2018excessive\u2019 credit-card late fees&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"Consumer_Financial_Protection_Bureau_says_its_proposals_could_reduce_late_fees_charged_by_credit-card_providers_by_as_much_as_9_billion_a_year\"><\/span>\n  Consumer Financial Protection Bureau says its proposals could reduce late fees charged by credit-card providers by as much as $9 billion a year<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div id=\"cx-next\" data-nosnippet>\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap crawler\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0001625033\" role=\"document\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div data-layout=\"\n                inline\" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetArticleReader\n              \n              inline\n  article__inset\n          article__inset--type-InsetArticleReader\n              article__inset--inline\n  \"><\/p>\n<div class=\"media-object-article-reader\">\n<div class=\"audioplayer\" data-sbid=\"WP-MKTW-0001625033\" role=\"region\" aria-label=\"Listen to Article\" tabindex=\"-1\" id=\"articlereader\" data-show-title=\"false\" data-theme=\"wsj-article-reader\" data-show-header=\"false\" data-show-subscribe=\"false\" data-ads-enabled=\"true\" data-save-publication=\"false\">\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       President Joe Biden is spotlighting new moves by the Consumer Financial Protection Bureau to cut excessive credit-card late fees that cost American families about $12 billion each year.<\/p>\n<p> The CFPB unveiled proposals that will potentially save Americans up to $9 billion a year by targeting late fees that are currently protected by an \u201cexpansive\u201d immunity provision, which has allowed credit-card companies to hike fees along with inflation even when they face no additional collection costs. <\/p>\n<div class=\"paywall\">\n       \u201cJunk fees are not only costly to consumers, but they can stifle competition by encouraging companies to use increasingly sophisticated tools to disguise the true price consumers face,\u201d the White House said in a statement on Wednesday. \u201cBy reducing these fees and increasing transparency, we can provide relief to consumers and make our economy more competitive, particularly for new and growing businesses.\u201d<\/p>\n<p>Biden is also calling on Congress to pass a junk-fee prevention bill to crack down on concert-ticket fees and airline fees aimed at families who want to sit with their young children; to eliminate early-termination fees for TV and internet service; and to ban surprise resort and destination fees.<\/p>\n<p>The proposed CFPB rule would lower the immunity provision for late fees for a missed payment to $8 from as much as $41 now and end an automatic annual inflation adjustment. It would also prohibit late-fee amounts higher than 25% of a consumer\u2019s required payment.<\/p>\n<p>The CFPB rule would amend regulations in the Credit Card Accountability Responsibility and Disclosure Act of 2009, which includes language that late fees should be \u201creasonable and proportional\u201d to the costs incurred by issuers to handle late payments.<\/p>\n<p>Major credit-card issuers in the U.S. include companies such as American Express Co.<br \/>\n        AXP,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203805826\/composite\" class=\"negative\">-0.32%<\/bg-quote><span>,<\/span><br \/>\n       Discover Financial Services<br \/>\n        DFS,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/208747867\/composite\" class=\"negative\">-2.04%<\/bg-quote><span>,<\/span><br \/>\n       Mastercard Inc.<br \/>\n        MA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/207581792\/composite\" class=\"negative\">-0.35%<\/bg-quote><br \/>\n       and Visa Inc.<br \/>\n        V,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203660239\/composite\" class=\"negative\">-0.12%<\/bg-quote><span>,<\/span><br \/>\n       as well as major banks such as JPMorgan Chase &amp; Co.<br \/>\n        JPM,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/205971034\/composite\" class=\"negative\">-0.53%<\/bg-quote><span>,<\/span><br \/>\n       Wells Fargo &amp; Co.<br \/>\n        WFC,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203790192\/composite\" class=\"positive\">+0.27%<\/bg-quote><span>,<\/span><br \/>\n       Citigroup Inc.<br \/>\n        C,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/207741460\/composite\" class=\"negative\">-0.83%<\/bg-quote><br \/>\n       and Bank of America Corp.<br \/>\n        BAC,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/200894270\/composite\" class=\"positive\">+0.32%<\/bg-quote><span>.<\/span>\n      <\/p>\n<p><strong>Also read:<\/strong> It\u2019s \u2018pay\u2019 time for buy now, pay later purchases\u2014here are 5 ways to handle the debt<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>    <span>By<\/span><\/p>\n<div class=\"author mobile-scrim hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Steve Gelsi\",\"subhead\":\"The Wall Street Journal\",\"list\":[,{\"type\":\"link\",\"icon\":\"twitter\",\"url\":\"https:\/\/twitter.com\/SteveGelsi\",\"text\":\"@SteveGelsi\"}]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Steve_Gelsi\"><\/span>Steve Gelsi<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B20C06575-04D4-B545-718C-BC9AA0A5FBD9%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;: Feds move to crack down on \u2018excessive\u2019 credit-card late fees&#8221; Consumer Financial Protection Bureau says its proposals could reduce late fees charged by credit-card providers by as much as $9 billion a year President Joe Biden is spotlighting new moves by the Consumer Financial Protection Bureau to cut excessive credit-card late fees that cost&#8230;<\/p>\n","protected":false},"author":1,"featured_media":546408,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.mktw.net\/im-714720\/social","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-546407","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/546407","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=546407"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/546407\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/546408"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=546407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=546407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=546407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}