House Republicans pass bill to greenlight higher credit card fees
Bryan Steil and Derrick Van Orden – who both campaigned on lowering costs – voted last night for an extreme bill that would let big banks and credit card companies jack up fees for middle-class families.
Steil, Van Orden, and the so-called moderate House Republicans repealed a federal rule that caps credit card late fees to $5 per transaction. With the rule gone, big banks can charge consumers whatever they want, and increase them as much as they want.
According to the Consumer Financial Protection Bureau (CFPB), around 45 million Americans are charged credit card late fees each year, generating nearly $14 billion in revenue for the big banks.
DCCC Spokesperson Courtney Rice:
“House Republicans like Bryan Steil and Derrick Van Orden might be the only people in the country who are pro-junk fees. It’s nuts. Their vote yesterday is just another scheme to screw over everyday families to fund trillions in tax breaks for the ultra-wealthy.”
