Late fees on credit cards would be capped at $8 for customers of big companies.
This bill would cap credit card late fees at $8 for customers of large credit card companies. It aims to make sure these fees only cover the company's actual costs, not create profits.
Today, credit card companies can charge late fees that are determined to be "reasonable and proportional," which can be higher than $8. This bill would cap late fees at $8 for large credit card companies, and these fees would only be allowed to cover the company's actual costs for a late payment, not generate profit. The Consumer Financial Protection Bureau would also be directed to consider only a company's costs when reviewing any penalty fee.
S 3660 · 119th Congress · January 15, 2026 · AI Summary by gemini-2.5-flash · 10/10
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6 filings mentioned this bill
Amounts reflect total quarterly lobbying spend reported to the Senate, not bill-specific spending. Source: Senate LDA filings.