White House to limit credit card late fees, Reuters reports

The White House is introducing an interagency effort to crack down on inflated prices and limiting what banks can charge for late credit card payments, Reuters’ Jarrett Renshaw reports. The DOJ and the FTC will lead a joint “strike force” aimed at stopping illegal corporate behavior that raises prices on Americans through anticompetitive or fraudulent business practices, and will also finalize a rule that cuts credit card fees down to $8 from an average of $31, according to the report. “Late credit card fees have gotten out of control,” Consumer Financial Protection Bureau Director Rohit Chopra said during a press call previewing the moves. Publicly traded companies in the space include American Express (AXP), Capital One (COF), Discover (DFS), MasterCard (MA) and Visa (V).