The Fee Hand of the Market, Usurious Dept. 0
Rapacious credit card fees to be limited:
In its third stage of implementing the sweeping Credit Card Accountability Responsibility and Disclosure Act of 2009, the Fed also said it’s putting the squeeze on late fees that are higher than the consumer’s violation. For example, a consumer who was late paying a $20 minimum payment could be charged a $39 penalty fee. The Fed on Tuesday said penalty fees cannot exceed the dollar amount of the consumer’s violation.
