WASHINGTON – At the beginning of March, the Consumer Financial Protection Bureau (CFPB) announced its final rule to restrict credit card penalties, capping late fees at $8, down from $32. The rule, which is expected to go into effect on May 14, 2024, fails to consider how the proposal would harm American consumers, resulting in lower credit scores and reduced credit availability.
With the introduction of a Congressional Review Act (CRA) resolution of disapproval, U.S. Senator Kevin Cramer...
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