Biden called upon by pro-growth groups to withdraw CFPB’s late fees rule

The CFPB rule would cap the amount of fees financial institutions can charge for late credit card payments

CEI’s John Berlau is cited by Fox Business outlining the CFPB’s late fees rule:

John Berlau, senior fellow and director of finance policy at the Competitive Enterprise Institute, told FOX Business, “As with Biden’s student loan bailout, this will punish responsible consumers. It’s almost certain — by the CFPB’s own admission — that this rule giving late-payers a break will lead to higher costs for responsible consumers who pay their credit card bills on time.”

“Even by the president’s broad definition of ‘junk fees,’ charges for late payments do not fit the bill. There is nothing ‘hidden’ or ‘surprising’ about late fees,” he added. 

Read the full article on Fox Business.