Senate Democrats introduce legislation capping credit card late fees

Democratic Sens. John Fetterman (Pa.), Cory Booker (N.J.) and Tammy Baldwin (Wis.) introduced legislation Thursday to cap credit card late fees at $8.  Their proposal, the Credit Card Fairness Act, would codify a March 2024 ruling from the Consumer Financial Protection Bureau (CFPB), which reduced the typical late fee from $32 to $8. Under the…