Biden Finalizing Rule to Cap Credit Card Late Fees at $8 (1)

President Joe Biden’s administration is announcing a final rule curtailing credit card late fees, one of a series of steps to try and drive down everyday costs for households that are weighing on his approval rating as he seeks reelection.

The Consumer Financial Protection Bureau estimates its move to slash credit card late fees would save an average of $220 per year for 45 million people who incur such penalties.

“You care a whole lot when you’re being played for a sucker, no matter how much money you have,” Biden said Tuesday. “We’re going to do everything we can ...