Regulator proposes capping credit card late fees at $8, latest in Biden campaign against ‘junk fees’

By KEN SWEET and JOSH BOAK
Associated Press

NEW YORK (AP) — The Biden administration is moving to cap credit card late fees at $8. It’s the latest effort in the White House push to end what it has called “junk fees” and is a move that regulators say will save Americans up to $10 billion a year. The average credit card late fee is around $32, according to the Consumer Financial Protection Bureau. President Joe Biden plans to highlight the proposal along with other efforts to reduce costs to Americans at a meeting of his competition council on Tuesday. Biden is forming a new “strike force” to crack down on unfair pricing on things like groceries and prescription drugs.