The White House on Wednesday was due to announce fresh efforts to slash credit card late fees and drive down the prices that Apple Inc and Google parent Alphabet Inc charge on mobile app stores, part of a larger policy drive to promote competition in consumer markets, officials said.
The Consumer Financial Protection Bureau will propose on Wednesday a rule to ban "excessive" fees that credit card issuers charge for late payments, something the bureau estimated costs consumers $12 billion a year.
Chopra said such fees far exceeded any additional costs that lenders incurred and said the rule would cap a regulatory threshold at $8, a level indicated by CFPB data analysis. The National Telecommunications and Information Administration , an arm of the Commerce Department, is releasing a report denouncing the market dominance enjoyed by Apple and Google in the app economy, where the vast majority of smartphone users and developers are hemmed inside the tech giants' software ecosystems, which the NTIA said drives up costs and limits innovation.
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