Late fees

[GhostCredit]

Hey guys, so my dad just got a late fee of $30 and interest was like $3 but been hearing about the cpb that they will lower it to $8. It hasn't gone to effect yet, are they're just proposing it? I see that the junk fees like restaurants, event tickets, for surcharge will be removed by July 1 and they have been talking about that for some time now. Why does it take so long to make it go in effect?

[FlaDude]

According to this page dated March 5, the new limit will go into effect 60 days after it is published in the Federal Register:

CFPB Sets New Rule to Cap Credit Card Late Fees at $8 | Credit Cards | U.S. News (usnews.com)

I haven't found any articles that say it has been published yet. This article (I don't subscribe so could only read the first few lines) suggests that it already facing legal challenges so it will probably be a while (if ever) before it goes into effect:

Judge Must Rule on Banks’ Bid to Pause CFPB Late Fee Rule (1) (bloomberglaw.com)

There are also likely to be political challenges.

[ptatohed]

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@GhostCredit wrote:

Hey guys, so my dad just got a late fee of $30 and interest was like $3 but been hearing about the cpb that they will lower it to $8. It hasn't gone to effect yet, are they're just proposing it? I see that the junk fees like restaurants, event tickets, for surcharge will be removed by July 1 and they have been talking about that for some time now. Why does it take so long to make it go in effect?

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Don't wait around for the new lowered late fees, I would call and ask them to remove the late fee as a customer courtesy (assuming that this isn't a chronic problem).  Good luck.  

[coldfusion]

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@ptatohed wrote:

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@GhostCredit wrote:

Hey guys, so my dad just got a late fee of $30 and interest was like $3 but been hearing about the cpb that they will lower it to $8. It hasn't gone to effect yet, are they're just proposing it? I see that the junk fees like restaurants, event tickets, for surcharge will be removed by July 1 and they have been talking about that for some time now. Why does it take so long to make it go in effect?

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Don't wait around for the new lowered late fees, I would call and ask them to remove the late fee as a customer courtesy (assuming that this isn't a chronic problem).  Good luck.  

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^^^^ this!

If it's a one-off most issuers will rescind the late fee (but not the interest) if you call and ask.