Trump is bringing back higher credit card late fees

A year ago, the Consumer Financial Protection Bureau (CFPB) put a limit on how much credit card companies could charge consumers for late payments. On Tuesday, the Trump administration quashed that limit, opening the door for financial institutions to once again gouge late-paying customers.

The Biden-era rule capped late fees at $8, substantially less than what many credit card companies used to charge. But in a federal court filing in Texas, Trump’s CFPB asked a judge to terminate the rule...