U.S. caps credit card late fees

Source: Tony Romm, Washington Post (Paid Registration)

Under the new regulations, credit card issuers including Bank of America, Capital One, Citibank and JPMorgan Chase cannot charge more than $8 for a late payment unless they can explicitly point to data showing they must impose higher fees to make up for losses.

The policy is set to take effect later this spring, and it could save cardholders about $10 billion each year, according to the Consumer Financial Protection Bureau, which estimates that about 45 million people have faced such fees. But its fate remains unclear: The banking industry is expected to sue the CFPB over the rules.

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