#bothsides Republicans advance bill to repeal Biden Administration rule capping credit card fees

[Elim Garak]

For all the time Republicans spend complaining about the economic struggles faced by everyday Americans, they remain steadfast in their commitment to ensuring major corporations can continue squeezing their customers.

Late Wednesday afternoon, the GOP-controlled House Financial Services Committee voted to advance a bill that would repeal a new Consumer Financial Protection Bureau (CFPB) rule that drastically reduces the caps on credit card late fees — from $30-$41 to $8. The legislation would also repeal the CFPB’s ban on automatic adjustment of late fees due to inflation.

In the Democratic-controlled Senate, where the bill is expected to fail, a similar repeal measure was introduced by Banking, Housing, and Urban Affairs Committee Ranking Member Tim Scott (R-S.C.) — who has recently devoted most of his energy to fawning over Donald Trump — and co-sponsored by 12 other Republicans.


“Credit card companies penalize consumers with exorbitant late fees that far exceed their actual costs, raking in billions of dollars in profits on the backs of those who can least afford it,” said Chuck Bell, advocacy program director for Consumer Reports, in a statement urging Congress to reject the repeal. “The CFPB’s new late fee limits restore vital guardrails against excessive charges as Congress intended and will greatly benefit consumers, especially families living paycheck to paycheck and doing their best to manage expenses.”

According to Republicans on the committee, however, lowering late fees will “harm consumers by shifting costs to responsible consumers who pay on time in the form of higher annual fees and higher interest rates,” while remov[ing] incentives for timely payments.”

An analysis published this week by the watchdog group Accountable.US found that Republicans on the committee have “received over $7.9 million from industry groups against this rule and the largest credit issuers.”


Several of those who voted for the repeal, including Reps. Mike Lawler (R-N.Y.), Zach Nunn (R-Iowa), and Monica De La Cruz (R-Texas) are facing competitive reelection races in November.

“The Committee should put consumers poised to save billions before their industry megadonors. Big bank CEOs that boast of billion-dollar profits after nickel and diming Americans with junk fees don’t need more special treatment from the MAGA Congress,” Liz Zelnick, Accountable.US’ Director of the Economic Security & Corporate Power, said in a statement ahead of the vote.

In October, the White House announced a push to eliminate junk fees and increase rate transparency for consumers across various industries. The initiative includes a proposed rule that would require companies to show the full price of a product, fare, or ticket up front and bar them from “charging hidden and misleading fees.” Earlier this week, The Wall Street Journal reported that the Department of Justice’s antitrust division is preparing to file a lawsuit against entertainment giant Live Nation over their infamous use of fees to inflate ticket prices.

The proposed policies are incredibly popular among consumers — and incredibly unpopular amongst Republicans hellbent on denying Biden any victory in an election year.

Source:Republicans Are Determined to Keep Credit Card Late Fees High

 

[™BlackPearl The Empress™]

I really don't understand how people vote for these people. It's so obviously they want the American public to slave away It's insane.

 

[Elim Garak]

I really don't understand how people vote for these people. It's so obviously they want the American public to slave away It's insane.

I agree.

 

[RickyDiBiase]

I really don't understand how people vote for these people. It's so obviously they want the American public to slave away It's insane.

I agree.

When you realize the average American takes joy in finding the most banal and basic way to feel superior to the next person it makes sense.

 

[Kyle C. Barker]

Up

 

[IIVI]

These people do absolutely nothing for the American population.

They're basically a bunch of socialites and spoiled kids, not politicians who actually work.

Using the government positions and "star power" to benefit themselves and only themselves. Then leaving their states they represent with the bill and blaming other groups of people for it.

I'm actually somewhat surprised we have somewhat a lead over other countries given they are a significant portion of government. I have a feeling that lead won't be there anymore if this keeps up.

 

[Neuromancer]

Not a big deal black people don't have credit cards.

Spoiler

 

[™BlackPearl The Empress™]

When you realize the average American takes joy in finding the most banal and basic way to feel superior to the next person it makes sense.

Right. I know it's all rooted in patriarchy and racism. It's just insane to me how people can be so racist they will literally fukk themselves over to harm others.

This planet is so fukked.

 

[Left.A1]

I wonder if @Rakim Allah has ever heard of credit fees impacting 72% of blacks

Credit Card Statistics By Race And Ethnicity | Bankrate

Racial disparities persist among American consumers today. Here’s how credit scores, credit card ownership and credit card debt can vary by race or ethnicity.

www.bankrate.com

 

[horizon]

Their platform is simply "we hate people."

 

[Buddy]

Yall know how this'll turn out right? Some Internet Ass Muhfukka preaching that "both sides" shyt has terrible credit is gonna get hit worse with excessive fees. A year or so later their credit is absolute shyt and they're out of work, or try to find better pay but they can't cause said credit....




"These immigrants are taking all the jobs Black folks NEED to start looking at what Republicans have to offer"

 

[At30wecashout]

Oh you didn't know, OP. It doesn't specifically hurt black people so it's okWhat are them rascally Dems gonna do about it?!?

 

[Dr. Acula]

It's like Republicans go out their way to be like
"In what way can I fukk up the lives of average people today?"

Yet, there are still non billionaires who vote for and support these people. Democrats arent perfect but I'm not seeing them out here purposely trying to make people's lives worse constantly like Republicans.

 

[JuvenileHell]

I really don't understand how people vote for these people. It's so obviously they want the American public to slave away It's insane.

Because republican voters wanna cut off their noses to spite their faces and own the libs

 

[Canon]

but what the democrats doing to stop it?

#Bothsides