Disagreement between the US Chamber of Commerce and the Consumer Financial Protection Bureau

Factual Questions
1

I wasn’t sure where else to put this:

A news story that I might need some help with understanding. So they’re trying to create a rule that would cap credit card fees at $8. This article says that the Consumer Financial Protection Bureau is behind it, but later it mentions that the US Chamber of Commerce will file a lawsuit against the rule. Aren’t they both government agencies? Why wouldn’t they work together on this? Sorry if this doesn’t fit in the Biden subject.

https://www.cnn.com/2024/03/05/investing/credit-card-late-fees-biden/index.html

2

The US Chamber of Commerce is a business lobbying organization. Not a government agency. The US Department of Commerce is a government agency.

3

No the US Chamber of Commerce is an organization of businesses. It is essentially a lobbying group.

4

No. The US Chamber of Commerce is a private lobbying group. It represents mainly multinational corporations.

You might be thinking of the US Department of Commerce, which is part of the executive branch.

5

Thank you all for your swift replies. I not only Googled US Chamber of Commerce, but I also work in a school, and yet I missed that it was a lobbying group.

SIGH. I should ban myself out of embarrassment now. :rofl:

6

If you learned something you didn’t already know, this was a successful encounter, not a reason for embarrassment.

After all, “I learned something new. I quit!” doesn’t seem like a positive response.

7

Quite true. I couldn’t tell the kids to keep plugging along if I was going to quit so easily.

8

This point about late fees even made it into the State of the Union speech last night.

How to tell you lobby for business - your point of view is “lowering penalties from $32 to $8 will hurt consumers by encouraging them to pay late, thus lowering their credit score…”

Presumably if you pay late then you incur extra usurious interest costs, so the late fee is just a gratuitous insult.