A group of Senate Democrats asked several banks to explain their policies regarding customer late fees.
The group, led by Sen. Elizabeth Warren, D-Mass., and joined by Senate Banking Committee Chairman Sherrod Brown, D-Ohio, wrote letters Tuesday to ten of the country’s largest credit card issuers: PNC, JPMorgan Chase, Capital One, Citigroup, Discover, Bank of America, American Express, Wells Fargo, U.S. Bancorp and USAA. The letter questions how much each company makes off late fees each year and the total cost annually of collecting those fees.