The Progressive


A project of Common Dreams

For Immediate Release

Groundwork’s Bilal Baydoun Celebrates Finalized CFPB Rule on Credit Card Late Fees

Finalized rule to save consumers more than $10 billion

Today, the Consumer Financial Protection Bureau finalized a rule that prevents credit card companies from charging late fees higher than $8, which will save 45 million people an average of $220 or more than $10 billion a year. Groundwork Collaborative’s Director of Policy and Research Bilal Baydoun reacted with the following statement:

“Junk fees, like the excessive late fees credit card companies charge, are yet another tactic corporations use to prey on customers and juice their profit margins even further. CFPB’s new rule demonstrates that policymakers can – and must – take on predatory, deceptive behavior and act as a strong check on corporate power.”

The Groundwork Collaborative is dedicated to advancing a coherent and persuasive progressive economic worldview and narrative capable of delivering meaningful opportunity and prosperity for everyone. Our work is driven by a core guiding principle: We are the economy. Groundwork Collaborative envisions an economic system that produces strong, broadly shared prosperity and power for all people, not just a wealthy few.