President’s Administration Continues to Address Late Credit Payment Fees

Interagency cooperation and new provisions focus on consumer protection from fee hikes.

Multiple agencies in President Biden’s administration recently announced partnerships to address price hikes and industry “junk fees,” focusing on credit card policies and private equity companies.

The Justice Department (DOJ) and the Federal Trade Commission (FTC) launched a collaborative “strike force” to more thoroughly target illegal price hikes within corporate activities. The two agencies are also partnering with the Department of Health and Human Services (HHS) to investigate how private equity deals “may increase consolidation and generate profits for firms while threatening patients’ health, workers’ safety, quality of care, and affordable health care for patients and taxpayers.”

Additionally, the Consumer Financial Protection Bureau proposed a rule banning “excessive” fees for credit card late payments, considering an $8 cap for fees that currently average $31 per charge.

As the Lord Leads, Pray with Us…

  • For administration officials as they focus on protecting consumers from predatory fees.
  • For wisdom for federal agency leaders as they address price hikes and review private equity deals.

Sources: Reuters, AP


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