(File Photo of Senator John Fetterman)

Noah Haswell, Beaver County Radio News

(Washington, D.C.) According to a release in Washington D.C. from Senator John Fetterman’s office, U.S. Senators Fetterman (D-PA), Cory Booker (D-NJ), and Tammy Baldwin (D-WI) introduced the Credit Card Fairness Act yesterday, which is legislation that would put into statute the Consumer Financial Protection Bureau’s popular $8 cap on credit card late fees. Consumers pay $14 billion per year in credit card late fees currently, which pads the profits of the largest banks. The standard late fee of $30 to $41 is up to five times higher than the cost for banks of collecting late payments, which allows banks to profit from customers who are struggling to make ends meet. The Consumer Financial Protection Bureau enacted a rule previously which capped these fees at $8 and it was stalled in litigation brought by the large banks. This legislation would codify the cap of $8 in law.