Republicans Are Determined to Keep Credit Card Late Fees High

Late Wednesday afternoon, the GOP-controlled House Financial Services Committee voted to advance a bill that would repeal a new Consumer Financial Protection Bureau (CFPB) rule that drastically reduces the caps on credit card late fees — from $30-$41 to $8. The legislation would also repeal the CFPB’s ban on automatic adjustment of late fees due to inflation. In the Democratic-controlled Senate, where the bill is expected to fail, a similar repeal measure was introduced by Banking, Housing, and Urban Affairs Committee Ranking Member Tim Scott (R-S.C.) — who has recently devoted most of his energy to fawning over Donald Trump — and co-sponsored by 12 other Republicans.