New CFPB rule caps banks’ credit card late fees at $8

The Consumer Financial Protection Bureau unveiled a new rule in March that it said would cap the typical late fee that banks charge customers at $8 per incident. By cutting late fees to $8 from an average of around $32, more than 45 million card users would save an average of $220 annually, the CFPB said in a release. https://cnb.cx/3P6qcZc