CFPB Takes on Credit Card Industry in Court

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Rohit Chopra, director of the Consumer Financial Protection Bureau, talks about new rules that cap credit card late fees at $8. He says the credit card lobby is now fighting the change in court. The rule is to take effect May 14. He's on "Bloomberg Markets: The Close."

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Комментарии
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I dont understand the fight against late fees. Its the best method to keep people paying on their bills. $8 is far too low of a penalty. If your mad at the interest rate then stop using credit cards. Now the buy now pay later BS needs to be reigned in. I dont even like shopping any more just because they are like the old popup ads of the early 2000s where you have to be intentional where you click.

thedude
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I really appreciate CFPB's representation to fight for our regular consumers. I have like 4 complaints against my credit card company and without those complaints i can barely get my money back. Thank you

TF-q
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How about no penalties for filing/paying your taxes late?

siegfriedfurtwanglerknappe
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Let’s just regulate $0 late fees and cap credit card interest rates at 5%. Hooray for the consumer!!! Thank you Big Brother. The government is always here to help.

xxyyzz