WASHINGTON, DC – PA U.S. Sen. John Fetterman has joined some of his Senate colleagues in introducing the Credit Card Fairness Act, legislation that would put into statute the Consumer Financial Protection Bureau’s popular $8 cap on credit card late fees. Consumers currently pay $14 billion per year in credit card late fees. The standard $30 to $41 late fee is up to five times higher than the cost for banks of collecting late payments, allowing banks to profit from customers who are struggling to make ends meet. The Consumer Financial Protection Bureau previously enacted a rule that capped these fees at $8, which was stalled in litigation brought by the big banks. The legislation would codify the $8 cap in law. Fetterman said, “At a time when people are struggling to get by, these late fees are only doing more harm. This legislation will protect hardworking Americans from predatory fees.”
SEN. JOHN FETTERMAN