The Consumer Financial Protection Bureau (CFPB) announced a long-awaited crackdown on usurious credit card late fees that will cut these fees from as much as $41 down to $8, and in the process save American consumers $10 billion every year.
This is a huge step towards economic justice.
However, the CFPB’s new rule doesn’t go into effect automatically – and this proposal is expected to be challenged by legislation coming out of the Republican-controlled House of Representatives.
Our bulwark in this fight is the democratically controlled U.S. Senate.
Wall Street and its allies are pushing hard on Senate Democrats. We need your financial support to push this rule over the finish line and into law.
Contribute to Americans for Financial Reform and fund the fight demanding the U.S. Senate protect and support the CFPB's plan to stop outrageous overdraft fees now >>