
CFPB Limits Credit Card Late Fees to $8: Tips for Responsible Credit Card Use
The Consumer Financial Protection Bureau (CFPB), established by the Dodd-Frank Act in 2010, oversees and regulates the financial industry. Consumers can lodge complaints against financial institutions, akin to DOT complaints against airlines. I've had significant successes through CFPB complaints, such as resolving delays in fund transfers and waiving penalties on CDs.
The CFPB is now imposing a cap of $8 on late fees for credit cards from major banks, a change from the previous range of $32-$41. This cap will not be subject to automatic inflation adjustments.
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