WASHINGTON — Representative Pramila Jayapal (WA-07), Chair of the Congressional Progressive Caucus, issued the following statement applauding a new final rule from the Consumer Financial Protection Bureau (CFPB) limiting credit card late fees at eight dollars:
“We are thrilled to celebrate another pro-consumer, corporate accountability move from the CFPB.
“Excessive credit card fees are a perfect example of the kind of junk fees that slowly but surely increase the cost of living. They are designed to make banks money and punish people for not being able to pay their bills — like overdraft fees, which the CFPB also cut earlier this year. Unnecessary and punitive hits on credit — like the inclusion of medical debt, which the CFPB banned in fall 2023 — prohibit people from being able to get a loan for their small business, buy a car, or find a home.
“Director Chopra and his team have shown a keen understanding of what it takes to succeed in today’s economy and relentless drive to make that success attainable for middle- and working-class people. The CPC looks forward to continuing to partner with the agency on the implementation of this rule, alongside its other pro-consumer economic justice policies.”
