Biden unveils measures to protect consumers

Burdensome payments: Biden says unfair credit card late fees will add up and mobile app stores should prepare for more competition. — AP

WASHINGTON: President Joe Biden has announced efforts to slash billions in credit-card late fees and called on Congress to open up mobile app stores to greater competition, alleging that Apple Inc and Alphabet Inc act as gatekeepers in ways that harm consumers and inflate prices.

The Consumer Financial Protection Bureau (CFPB) will formally propose a rule to cap late payment credit-card fees at US$8 (RM34), from an average now of roughly US$30 (RM128), and estimates the move will save consumers a total of US$9bil (RM38bil) a year.