This Week In Credit Card News: A Talking Credit Card; A Proposal To Drastically Cut Late Fees

Biden Administration Proposes Rule to Lower Credit Card Late Fees

The Biden administration on Wednesday proposed a rule to limit late fees on credit cards, kicking off a regulatory battle with banks that issue the cards. The rule put forward by the Consumer Financial Protection Bureau aims to lower penalties to $8 from as much as $41 for a missed payment, according to the CFPB, which said the fees typically far exceed the card issuers’ costs to collect late payments. [The Wall Street Journal]