{"id":1832477,"date":"2023-02-02T09:35:59","date_gmt":"2023-02-02T14:35:59","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1832477"},"modified":"2023-02-02T09:39:33","modified_gmt":"2023-02-02T14:39:33","slug":"biden-admin-seeks-to-slash-credit-card-late-fees-to-8","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-seeks-to-slash-credit-card-late-fees-to-8\/","title":{"rendered":"Biden Admin Seeks to Slash Credit Card Late Fees to $8"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-admin-seeks-to-slash-credit-card-late-fees-to-8%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1832477&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div class=\"featured featured-video video-ct\">\n<div class=\"contain\">\n<div class=\"info\">\n<div class=\"caption\">\n<p>George Kamel, cohost of &#8220;The Ramsey Show&#8221;, discusses the decline in retail sales and consumer spend and how Marie Osmond did not leave an inheritance to her children.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/www.foxbusiness.com\/category\/white-house\" target=\"_blank\" rel=\"noopener\">The White House<\/a> We will propose a rule to reduce credit card late fees by approximately $8\u00a0<\/p>\n<p>The <a href=\"https:\/\/www.foxbusiness.com\/markets\/consumer-complaints-about-credit-reporting-agencies-highlighted-cfpb-report\" target=\"_blank\" rel=\"noopener\">Consumer Financial Protection Bureau<\/a> The rule will be presented by the (CFPB) at President Biden\u2019s fourth Competition Council meeting.<\/p>\n<p><a href=\"https:\/\/www.foxbusiness.com\/politics\/biden-closes-remarks-junk-fees-i-appreciate-frustration-american-people\" target=\"_blank\" rel=\"noopener\"><strong>BIDEN CLOSES REMARKS ABOUT &#8216;JUNK FEES&#8217;: &#8216;I APPRECIATE FRUSTRATION OF AMERICAN PEOPLE\u2019<\/strong><\/a><\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><img decoding=\"async\" src=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2022\/07\/931\/523\/2021-05-15T032254Z_605950325_RC2XFN9910WH_RTRMADP_3_USA-LEGAL-e1657055190766.jpg?ve=1&#038;tl=1\" alt=\"Consumer Financial Protection Bureau sign\"   style=\"display:none\"><\/div>\n<div class=\"caption\">\n<p><span>Signage seen at the Consumer Financial Protection Bureau headquarters, Washington, D.C., May 14th, 2021.<\/span><span> (REUTERS\/Andrew Kelly \/ Reuters<\/span><\/p>\n<\/div>\n<\/div>\n<p>&#8220;Over a decade ago, Congress banned excessive credit card late fees, but companies have exploited a regulatory loophole that has allowed them to escape scrutiny for charging an otherwise illegal junk fee,&#8221; Rohit Chopra, Director of CFPB, stated in a press release. &#8220;Today\u2019s proposed rule seeks to save families billions of dollars and ensure the credit card market is fair and competitive.&#8221;<\/p>\n<p><a href=\"https:\/\/www.foxbusiness.com\/category\/joe-biden\" target=\"_blank\" rel=\"noopener\">The Biden administration<\/a> The credit card companies claim that late payments are too costly compared to the high costs they impose on them.<\/p>\n<p>&#8220;Specifically, the proposed rule would lower the immunity provision for late fees to $8 for a missed payment as well as end the automatic annual inflation adjustment,&#8221; The CFPB has announced. &#8220;The proposed rule would also ban late fee amounts above 25% of the consumer\u2019s required payment.&#8221;<\/p>\n<p><a href=\"https:\/\/www.foxbusiness.com\/politics\/credit-karma-homeadvisor-push-back-ftc-orders-pay-millions\" target=\"_blank\" rel=\"noopener\"><strong>HOMEADVISOR, CREDIT KARMA PUSH BACK AFTER FTC ORDERS BOTH TO PAY ILLIONS<\/strong><\/a><\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><img decoding=\"async\" src=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2021\/12\/931\/523\/credit-cards.jpg?ve=1&#038;tl=1\" alt=\"image\" \/><\/div>\n<div class=\"caption\">\n<p><span>Online payments for credit cards<\/span><span> (istock \/ iStock)<\/span><\/p>\n<\/div>\n<\/div>\n<p><a target=\"_blank\" rel=\"noopener\">This is the most recent step in <\/a>President Biden declared his intention to fight &#8220;<a href=\"https:\/\/www.foxbusiness.com\/politics\/biden-closes-remarks-junk-fees-i-appreciate-frustration-american-people\" target=\"_blank\" rel=\"noopener\">Junk fees<\/a>&#8220;That unfairly preys on unwitting customers.<\/p>\n<p>In an effort to provide more for American families, the U.S. government provided funding last year. &#8220;breathing room,&#8221; The White House called &#8220;all agencies to reduce or eliminate hidden fees, charges and add-ons for everything from banking services to cable and internet bills to airline and concert tickets.&#8221;<\/p>\n<p>Biden has provided examples of <a href=\"https:\/\/www.foxbusiness.com\/economy\/attorney-sues-italian-restaurant-chain-deceptive-2-inflation-fee-egregious-surreptitious\" target=\"_blank\" rel=\"noopener\"><u>Junk fees<\/u><\/a> His administration seeks to eliminate all fees associated with hotel rebooking and airline rebooking for consumers. &#8220;resort&#8221; Unfair banking penalties and fees<\/p>\n<p><a href=\"https:\/\/www.foxbusiness.com\/apps-products?pid=AppArticleLink\" target=\"_blank\" rel=\"noopener\"><strong><u>GET FOX BUSINESS ON THE GO BY CLICKING HERE<\/u><\/strong><\/a><\/p>\n<p>&#8220;Each year, these junk fees, in addition [to what] companies charge, cost Americans tens of billions of dollars \u2014 weighing down family budgets and making it harder for people to pay their bills,&#8221; Biden spoke at a 2022 press conference. &#8220;So my administration has taken action to eliminate these fees.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>George Kamel, cohost of &#8220;The Ramsey Show&#8221;, discusses the decline in retail sales and consumer spend and how Marie Osmond did not leave an inheritance to her children. The White House We will propose a rule to reduce credit card late fees by approximately $8\u00a0 The Consumer Financial Protection Bureau The rule will be presented &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1832480,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[4496,3620,5137,6178,11339,5752,3814,17358],"class_list":["post-1832477","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-admin","tag-biden","tag-card","tag-credit","tag-fees","tag-late","tag-seeks","tag-slash"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1832477","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1832477"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1832477\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1832480"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1832477"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1832477"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1832477"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}