rich 1.0 Action Network https://actionnetwork.org <link href='https://actionnetwork.org/css/style-embed-v3.css' rel='stylesheet' type='text/css' /><script src='https://actionnetwork.org/widgets/v6/letter/support-the-cfpb-and-stop-credit-card-junk-fees-now?format=js&source=widget'></script><div id='can-letter-area-support-the-cfpb-and-stop-credit-card-junk-fees-now' style='width: 100%'><!-- this div is the target for our HTML insertion --></div> More Perfect Union https://actionnetwork.org/groups/more-perfect-union https://can2-prod.s3.amazonaws.com/share_options/facebook_images/000/408/029/original/Credit_Card_Fees_(raw).jpg American consumers are paying $12 billion dollars a year in credit card late fees. Everything about credit card late fees is a scam. It’s a massive, multi-billion dollar wealth transfer from the poorest Americans to Wall Street. In fact, the fees have become a huge profit center for big banks, like Bank of America, Chase, and American Express, targeting subprime borrowers and trapping them in cycles of debt. Last year, Discover booked more than $400 million in late fees. Capital One: $1.4 BILLION. The industry average for credit card late fees is $31 and many banks charge even more. But the Consumer Financial Protection Bureau found that a reasonable fee, one that covers the actual costs for banks, is $8. That’s a big difference. No wonder Wall Street makes $12 billion from these fees. No wonder they’re doing everything they can to stop the CFPB. The CFPB’s job is to protect consumers from corporate greed. And under Director Rohit Chopra, they’re doing it! They’ve proposed a new consumer protection that would limit credit card late fees at $8 -- a reasonable fee that covers the actual costs for banks. We need your help to make it happen. Watch our report, then click ‘START WRITING’ to sign and send an official comment in support of the Consumer Financial Protection Bureau’s new consumer protection that caps credit card late fees at $8 now. https://actionnetwork.org/letters/support-the-cfpb-and-stop-credit-card-junk-fees-now