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McHenry Statement Regarding CFPB Credit Card Late Fee Final Rule

Washington, Mar 5 -

Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement after the Consumer Financial Protection Bureau (CFPB) released its final rule regarding credit card late fees that raises the cost of borrowing for all consumers.

“The Biden Administration continues to weaponize financial regulators to play politics in an election year,” said Chairman McHenry. “Just days before the State of the Union, it is clear that this Administration plans to take a ‘victory lap’ at the expense of American consumers. This calls into question the composition and motivation of this rulemaking. The final rule suffers from the same fatal flaws as the proposal. The CFPB should get back to protecting consumers instead of blindly taking marching orders from the President’s political team. It’s time for the Biden Administration to focus on lowering costs for all Americans and stop using independent regulators to play political games.”

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