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      CFPB Praised for Proposed Crackdown on 'Exploitative' Credit Card Late Fees

      One advocate said the proposal "proves that the bullying behavior of companies who abuse Americans for their own profit will not stand from the CFPB."

      Jessica Corbett
      Feb 01, 2023

      The Biden administration on Wednesday was widely praised for unveiling proposed regulatory changes that could save American families up to $9 billion a year by cracking down on unfair credit card late fees from U.S. banks.

      "Over a decade ago, Congress banned excessive credit card late fees, but companies have exploited a regulatory loophole that has allowed them to escape scrutiny for charging an otherwise illegal junk fee," said Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra. "Today's proposed rule seeks to save families billions of dollars and ensure the credit card market is fair and competitive."

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      Progressive Senators Sound Alarm Over Rise of 'Predatory' Medical Credit Cards

      "Banks have identified medical credit cards as a lucrative opportunity to profit off of the worsening crisis of patients who are unable to afford their medical care," warned Sens. Elizabeth Warren, Ed Markey, Bernie Sanders, and others.

      Jake Johnson
      Jan 05, 2023

      A group of progressive senators raised alarm this week over a pernicious outgrowth of the United States' for-profit healthcare system: medical credit cards.

      In a letter to the chief executives of Wells Fargo and Synchrony Financial—two large issuers of medical credit cards—Sens. Elizabeth Warren (D-Mass.), Ed Markey (D-Mass.), Bernie Sanders (I-Vt.), Chris Murphy (D-Conn.), and Sherrod Brown (D-Ohio) expressed concern that "given the circumstances in which these cards are used, medical credit cards could be predatory to patients seeking medical care and leave patients stuck paying higher costs with 'hefty, high-interest debt.'"

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