The Federal Reserve placed a soft cap on credit card late fees last week, the latest salvo in an ongoing battle between Congress and corporations that squeeze consumers with punishing surcharges and fees. It's a small victory for consumers, but on many other fronts in this war the news isn't nearly so good. When you consider the way new rules are impacting checking accounts and credit card interest rates, and Congress’ incredible unwillingness to take a stand on 401(k) retirement account fees, it seems consumers are getting nowhere fast.
The rule imposing a $25 limit on credit card late fees isn't bad, although it is ironically dogged by fine print. When Congress passed the Credit Card Accountability and Responsibility (CARD) Act last year, it directed the Federal Reserve to take a crack at making late fees fairer. The Fed issued its new rule last week.
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