WASHINGTON (Reuters) – The U.S. Consumer Financial Protection Bureau on Wednesday unveiled a measure around credit card fees in a bid to stamp out abuses, discourage excessive late fees and boost competition.
The advanced notice of proposed rulemaking confirms a Reuters April report that the agency would escalate a broader crackdown by the CFPB on what it calls “junk fees,” a catch-all for overdraft, credit card late-payment fees, bounced check fees, and other charges.
The review will assess whether those fees are “reasonable and proportional,” the CFPB said in its release.
(Reporting by Katanga Johnson in Washington)
