The United States Consumer Financial Protection Bureau (CFPB) finalized on March 6, 2024, a cap of $8 on late payment fees, making $8 the most that could be charged by issuers with more than 1 million open accounts. The effective date of the 338-page rule will be 60 days after its publication in the Federal Register. The CFPB said that late fees averaged $32 in 2022, up from $23 at the end of 2010. In 2010, the Federal Reserve Board of Governors implemented the Credit Card Accountability Responsibility and Disclosure Act of 2009, which banned issuers from charging fees deemed to be exces...