Credit card companies need to explain the 'exorbitant' late fees they're charging customers, says Elizabeth Warren

• The Consumer Financial Protection Bureau proposed regulations that would reduce credit card late fees.
• The bank lobby says these regulations would hurt community banks and credit unions and reduce credit access. 
• Sen. Elizabeth Warren wants to know if credit card companies stand with the banks.

Sen. Elizabeth Warren wrote a letter to the ten largest credit card companies asking how much money they make collecting late fees from cash-strapped consumers.