News Formal

Companies sue Biden administration over crackdowns on 'junk fees'

  • 📰 10News
  • ⏱ Reading Time:
  • 42 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 50%

United States News News

United States United States Latest News,United States United States Headlines

The U.S. Chamber of Commerce successfully sued to halt the president's plan, which would've capped credit card late fees at $8 per month.

Ahead of November's general election, President Joe Biden is betting a lot on cracking down on junk fees as an issue that will resonate with voters. However, he's running into one big issue: lawsuits.

Earlier this year, President Biden announced a multi-year effort to crack down on those fees, which can sometimes be $30 or more. The president's plan calls for that to be lowered to no more than $8 per month.Federal judge temporarily halts Biden plan to lower credit card late fees to $8 AP via Scripps News 9:10 AM, May 12, 2024 The effort to eliminate junk fees has taken on hotels, airlines and banks.

Joseffer said his group is looking out for the unintended consequences. A credit card company, for instance, may just deny a person credit if they can't impose proper fees.Eliminating 'junk fees' would create chaos at restaurants, group says Justin Boggs 11:26 AM, Feb 12, 2024 "Late fees are not junk fees," Joseffer said."It's a fee because you didn't pay your bill on time.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 732. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Biden Administration Asks Companies to Build 'Digital Twins' of AI ChipsThe Biden administration is allocating $285 million in CHIPS Act funding for companies that can develop the technology
Source: Gizmodo - 🏆 556. / 51 Read more »

Deputy Treasury Sec’y: Biden Helped Lower Inflation, But Food Companies Are GougingSource of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
Source: BreitbartNews - 🏆 610. / 51 Read more »