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A few weeks ago, the Consumer Financial Protection Bureau proposed a rule that would set new limits on how much credit card providers can charge customers in late fees. This would cut the banking industry’s annual income from credit card late fees by up to an estimated 75%
Rep. Josh Gottheimer, a member of the Financial Services Committee, disclosed purchases of Mastercard stock ( $MA ) today. This comes as credit card companies mount a serious fight against proposed regulations of credit card late fees. Data on this lobbying is up on Quiver.
