The CFPB recently proposed to cap the “safe harbor” for credit card late fees at $8. This would drastically reduce the level at which late fees are allowed under the law. The CFPB is touting its proposal as good for consumers, but it would actually constrain consumers’ ability to seek credit cards that meet their individual needs. It would also harm consumers by raising the costs of credit cards and decreasing the availability of credit for those with lower credit scores.

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