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WASHINGTON, DC — Today, the Consumer Financial Protection Bureau (CFPB) unveiled a new report highlighting the excessive, often exploitative interest rates applied by the 25 largest   credit card issuers against their customers — a difference that is estimated to cost American families $400 to $500 in unnecessary interest every year. 

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The Biden administration is once again putting American families first over corporate CEOs and their profiteering by exposing this practice. These big banks that capitalize on excessive interest rates are clearly making a choice motivated more by greed than actual need, as evidenced by their disproportionate profits. Today’s announcement is another perfect reminder why the Consumer Financial Protection Bureau is among the most important agencies standing up for working Americans.”

said Accountable.US’ Liz Zelnick.

Previous analysis from government watchdog Accountable.US has detailed the over the top profits and outrageous CEO salaries, which they have collected through gross profiteering in the form of overdraft, non-sufficient funds, and other junk fees. Several of the card issuers named in the Consumer Financial Protection Bureau’s report have raked in billions at the expense of American families. In 2023, Capital One made $4.9 billion in profits after its CEO Richard Fairbank made over $26 million in 2022 and previous Accountable.US reporting on TD Bank, one of the top 20 banks most reliant on junk fees, revealed a predatory practice of disproportionately targeting low-income consumers through their bank locations. 

Today’s report is the next step in the Biden administration’s ongoing efforts to cut costs for American families. Earlier this year, the Consumer Financial Protection Bureau unveiled two proposals, the first capping overdraft fees charged by banking institutions and credit unions as low as $3, and the second banning non-sufficient fund fees. 

MORE ON THE BIDEN ADMINISTRATION’S COST-LOWERING CAMPAIGN: 

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