President Joe Biden has launched a task force involving the FTC, DOJ, and CFPB to address 'unfair and illegal' corporate pricing.

The CFPB has introduced a rule to cap credit card late fees at $8, potentially saving American families more than $10 billion a year.

This new cap signifies a 75% reduction in late fees for large credit card issuers and aims to make penalties more 'reasonable and proportional'.

Credit card industry and financial associations, including the U.S. Chamber of Commerce, are opposing the rule, which they claim could result in higher interest rates for all consumers.

The U.S. Chamber of Commerce is filing a lawsuit against the new CFPB rule, calling it 'flawed'.

Biden plans to discuss these consumer protection initiatives in his State of the Union Speech, targeting a reduction in the $90 billion spent on junk fees annually by Americans.

Despite the new rule, consumers are reminded that late payments can still affect credit scores and lead to other financial consequences.