The CFPB's new rule caps late fees at $8 per occurrence, saving card users an estimated $220 annually. The rule targets the excessive fees charged by credit card companies, particularly to low-credit-score borrowers. It ends automatic inflation adjustments and requires fees to cover only collection costs. Industry groups opposed the change, but the CFPB maintains its authority under the Card Act. The rule takes effect 60 days after publication in the Federal Register.
