U.S. consumer watchdog scrutinizes ‘excessive’ credit card fees

© Reuters.

WASHINGTON (Reuters) – The U.S. Consumer Financial Protection Bureau on Wednesday unveiled a measure on credit card charges to stamp out abuse, stop exorbitant late fees and promote competition.

The advance notice of the proposed rulemaking corroborates a Reuters report in April that the agency would expand the CFPB’s broader crackdown on what it calls “junk fees,” which are overdrafts, late credit card fees, bounced check fees and other charges.

The review will assess whether the fees are “reasonable and proportionate,” the CFPB said in a press release it issued.

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