The Government prohibits banks from charging more than $8 in fines for late payments to credit cards. “For more than a decade, credit card giants have taken advantage of a loophole to charge consumers billions of dollars in junk fees,” said the head of the Consumer Financial Protection Bureau.
More than 45 million card users are expected to save about $220 a year. Republican Senator Tim Scott of South Carolina said in a statement that he would use the Congressional Review Act to fight its entry into force.