In February, the Consumer Financial Protection Bureau proposed a rule that would limit most credit card late fees to $8. The rule is being fought by a group of House Republicans. Credit card companies funneled more than $600,000 during the last election cycle to House Republicans now fighting to preserve the companies’ ability to charge excessive late fees.

Among the seventeen Republicans who sent a letter to federal regulators this month opposing a Biden administration effort to rein in the fees, at least fifteen received contributions from the credit card industry in the 2022 election cycle. Three of the lawmakers are among the top five House recipients of campaign cash from the industry.

In February, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would limit most credit card late fees to $8, down from the $41 companies are currently permitted to charge. Such […]