GOP Makes First Move to Eliminate CFPB Credit Card Late Fee Rule

A top Senate Republican moved to repeal a Consumer Financial Protection Bureau rule that caps credit card late fees at $8 and is slated to cost banks billions of dollars in revenue, while banking groups press on in their litigation to block it.

Sen. Tim Scott (R-S.C.), the ranking member of the Senate Banking Committee, introduced a measure on Monday that would use the Congressional Review Act to repeal the CFPB’s credit card late fee rule.

President Joe Biden is all but certain to veto the measure, even if the Democratic-controlled Senate and Republican-controlled US House of Representatives pass it. ...