Cards & Payments News Digests

US: Administration planning to impose cap on credit-card late fees In the United States, the Consumer Financial Protection Bureau (CFPB) is proposing a long-flagged rule that would reduce late fees on credit cards . However the eight-dollar limit being sought would be a sharper cut than even consumer advocates had expected. Were the rule to be formalised, it would be a marked departure from the expected course as, under a formula approved by the Federal Reserve in 2010, late fees were set to increase this year in line with inflation. Throughout last year, the CFPB had been closely analysing the role that these fees were... Read more >