Opportunity Wisconsin billboard will highlight a Republican proposal that would keep late fees high as Wisconsinites use credit cards to pay for summer tailgates and more
Tuesday, May 14, 2024
LA CROSSE, Wis. – Today, a new mobile billboard from Opportunity Wisconsin will ask Congressman Derrick Van Orden to oppose a Republican-backed measure which would keep credit card late fees high. The billboard will be at locations throughout La Crosse today to highlight the proposal that would protect high late fees that are costly to working families using credit cards for common purchases, including tailgate supplies.
Last month, Republicans on the House Financial Services Committee voted to approve H. J. Res. 122, which would repeal a rule from the Consumer Financial Protection Bureau (CFPB) capping credit card late fees at $8. The measure could soon face a vote in front of the entire House of Representatives, giving Van Orden an opportunity to vote in favor of working families instead of credit card companies and corporate special interests.
On Friday, a federal judge put a temporary injunction in place to block the CFPB rule from going into effect following a lawsuit filed by the U.S. Chamber of Commerce and big bank special interests. The lawsuit seeks to permanently block the CFPB rule from going into effect—therefore keeping Americans’ credit card late fees high.
As Congress considers a vote on H.J. Res 122, corporate special interests are working overtime to stop consumer protections that would save Americans hundreds of dollars a year. If implemented, the new cap on credit card fees is estimated to save 45 million Americans an average of $220 per year. The cap is opposed by credit card company special interests, who have contributed millions to key Republicans in Congress.
“As Wisconsinites enjoy summer, they shouldn’t have to worry about paying higher fees,” said Opportunity Wisconsin Program Director Meghan Roh. “Congressman Van Orden needs to vote against this resolution. Working families shouldn’t pay more when they use their credit cards for everything from gas and groceries, to supplies for the perfect tailgate. We hope Congressman Van Orden stands up to the big banks and credit card companies and instead fights for working families who will be forced to pay more if this resolution takes effect."
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