Americans could save $9 billion a year through Biden's new proposal that would slash credit card late fees

• The CFPB proposed a rule to crack down on credit card late fees, saving consumers up to $9 billion a year.
• It includes lowering the typical late fee amount and getting rid of automatic inflation adjustments.
• This follows Biden's announcement last year of a plan to crack down on junk fees.

President Joe Biden's administration just took the next step in cracking down on credit card late fees that cost Americans billions of dollars a year.