Biden Targets Credit-Card Fees, App Stores to Aid Consumers (2)

President Joe Biden announced efforts to slash billions in credit-card late fees and called on Congress to open up mobile app stores to greater competition, alleging that Apple Inc. and Alphabet Inc. act as gatekeepers in ways that harm consumers and inflate prices.

Watch: President Biden wants to slash so-called “junk fees.”

Source: Bloomberg

The Consumer Financial Protection Bureau will formally propose a rule to cap late payment credit-card fees at $8, from an average now of roughly $30, and estimates the move will save consumers a total of $9 billion a year. The fees are applied to payments made even a few hours late and appear to be a ...