© Reuters.
WASHINGTON (Reuters) – The U.S. Consumer Financial Protection Bureau on Wednesday unveiled a measure on credit card fees to stamp out abuse, deter excessive late fees and spur competition.
The advance notice of the proposed rulemaking confirms an April Reuters report that the agency would step up the CFPB’s broader crackdown on what it calls “junk fees,” a catch-all term for overdrafts, credit card late payment fees, NSF check fees and other fees. . TOLL.
In its statement, the CFPB said the review will assess whether the fees are “reasonable and proportionate.”