Credit Card Fairness Act limits late fees to $8 for large credit card issuers.
The Credit Card Fairness Act amends the Truth in Lending Act to cap late fees at $8 for large credit card issuers, defined as those with 1,000,000 or more open accounts in the previous year. The Consumer Financial Protection Bureau must ensure these fees do not exceed the issuers' costs, thus preventing excessive profits. The Bureau can adjust the fee cap based on changes in the Consumer Price Index. Any challenges to the Act's provisions must be filed in the U.S. District Court for the District of Columbia.
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