Banks Threaten to Sue to Preserve Power to Charge Excessive Late Fees

Junk fees represent a multibillion-dollar profit center for banking industry

Andy Spears
3 min readMay 25, 2023

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Photo by Jp Valery on Unsplash

Consumers are on the verge of a huge win against the powerful banking industry as the Consumer Financial Protection Bureau (CFPB) has announced a new rule that would cap credit card late fees at $8.

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Andy Spears

Writer and policy advocate living in Nashville, TN —Public Policy Ph.D. — writes on education policy, consumer affairs, and more . . .