Groundwork’s Bilal Baydoun Celebrates Finalized CFPB Rule on Credit Card Late Fees

Today, the Consumer Financial Protection Bureau finalized a rule that prevents credit card companies from charging late fees higher than $8, which will save 45 million people an average of $220 or more than $10 billion a year. Groundwork Collaborative’s Director of Policy and Research Bilal Baydoun reacted with the following statement:

“Junk fees, like the excessive late fees credit card companies charge, are yet another tactic corporations use to prey on customers and juice their profit margins even further. CFPB’s new rule demonstrates that policymakers can – and must – take on predatory, deceptive behavior and act as a strong check on corporate power.”