On May 9, Warren and six other senators sent the CEOs of the 10 largest U.S. credit card issuers a letter demanding details about their companies’ late fee practices and citing a CFPB effort to curtail those fees. The issuers include Amex as well as JPMorgan Chase, Discover Financial Services, Capital One and Wells Fargo.
The CFPB in February issued a proposed rule limiting credit card late fees to $8 per payment and banning those fees from being over 25% of the minimum payment. Banks and bank trade groups have pushed back on that proposal.
