Warren & Hawley Team Up to Cap Credit Card Late Fees
St. Louis News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Bipartisan Effort to Cap Credit Card Late Fees: Senators Elizabeth Warren, Josh Hawley, and Chuck Grassley introduce the Credit Card Late Fee Fairness Act, aiming to limit late fees to a maximum of $20. The bill targets major offenders like Wells Fargo and Bank of America, potentially saving consumers around $6 billion annually. However, banks argue that lower fees could lead to increased costs and reduced incentives for timely payments. The measure is now in the Senate Banking Committee, sparking debates on consumer protection and bank security.
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