Senator Baldwin Leads Bill to Cap Credit Card Late Fees at $8
WASHINGTON, D.C. – U.S. Senator Tammy Baldwin (D-WI) led her colleagues in introducing the Credit Card Fairness Act, legislation that would cap credit card late fees at $8.
“As costs continue to skyrocket under this administration — from groceries, to housing, to health care — Wisconsin families are already stretched thin. The last thing they need is big banks and credit card companies gouging them with credit card late fees that make it harder to stay afloat, let alone get ahead,” said Senator Baldwin. “Our bill will crack down on big banks, cap late fees at $8, and give families a little breathing room.”
“Big banks profiteering off people by charging $41 for a single late credit card payment is absolutely wrong,” said Senator Fetterman. “At a time when people are struggling to get by, these late fees are only doing more harm. This legislation will protect hardworking Americans from predatory fees, and I’ll work with anyone to get this over the finish line.”
“American consumers shouldn’t be hit with predatory late fees that are three to five times higher than the actual cost of collection,” said Senator Booker. “This legislation keeps money in the pockets of working families by putting a clear cap on credit card late fees and cracking down on banks that make billions of dollars of profit each year on the backs of their customers.”
The Consumer Financial Protection Bureau previously enacted a rule that capped these fees at $8, which was stalled in litigation brought by the big banks. This legislation would codify the $8 cap in law.
The Credit Card Fairness Act is endorsed by Americans for Financial Reform, the Consumer Federation of America, Groundwork Collaborative, the National Consumer Law Center (on behalf of its low-income clients), Public Citizen, and Protect Borrowers.
The full bill text is available here.
NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.
Mentioned in This Press Release
Recent Press Releases by U.S. Sen. Tammy Baldwin
Senator Baldwin Hits Trump on $600 Million Cuts to Public Health Funding, Including Disease and Hiv Prevention
Feb 11th, 2026 by U.S. Sen. Tammy BaldwinRFK, Jr. and Trump targeted only states and communities governed and represented by Democratic leaders and said these lifesaving health initiatives “do not reflect [their] priorities”
Baldwin Leads Bill to Expand Affordable Housing, Crack Down on Wealthy Investors Who Buy Up Single-Family Homes
Feb 11th, 2026 by U.S. Sen. Tammy BaldwinLegislation would help create approximately three million affordable housing units
i suppose that this credit card fee cap is a good thing. however, baldwin and other senators need to ask this president to resign and if not that. call for his impeachment. it is hard to get excited about this bill when this president is so clearly mentally unfit and dangerous.
It would also be a huge relief if interest rates were also capped. Credit Card companies and big banks routinely charge interests rates of over 30%. That is plain usury. The role of government in a capitalistic economy is to protect working families from the avarice of the wealthy. It’s well past the time when working families pay more and more while the uber wealthy feed off the backs of consumers.
The greater the wealth gap the more tenuous the economy and the more likely that working class rebels. Supply-side economics is the cause of this inequity along with government in the pockets of the wealthy. Cracking down on workers, denying them their constitutional rights–fascism–will not prevent rebellion.