In response to the Consumer Financial Protection Bureau’s (CFPB) finalized rule cutting excessive credit card late fees by closing a loophole exploited by large card issuers, Rise Economy Chief Executive Officer Paulina Gonzalez-Brito today released the following statement.

“We applaud the CFPB for putting working families first by limiting the amount of late fees charged by credit card companies. Every year consumers are gouged by financial institutions’ junk fees and late fees amounting to billions of dollars out of the pockets of working families. By limiting late fees the CFPB is saying enough is enough, working families work hard for their income and it shouldn’t be stripped away by greedy credit card companies who are nickel and diming American families out of their hard-earned money.”

The move to cut credit card late fees is another effort by the CFPB to protect low-income households from excessive fees from banks and credit unions. Earlier this year, the CFPB released a new overdraft rule aimed at ensuring fees charged as a convenience to customers are reasonable and reflect the actual costs to banks.