"The Consumer Financial Protection Bureau has finalized its proposal to cut credit card late fees to $8 from $32, part of a wide-ranging effort by the administration to crack down on unfair fees ahead of President Biden's State of the Union address later this week.

On Tuesday, the CFPB will release a final rule that is expected to save consumers $10 billion a year in credit card late fees.

'Late fees have gotten out of control,' said CFPB Director Rohit Chopra on the White House call Monday with reporters to announce the final rule to reduce credit card late fees."