NY-19 Residents Demand Molinaro Vote Against High Credit Card Late Fees
The Consumer Financial Protection Bureau Just Capped Late Fees at $8, Republicans are Trying to Overturn that Rule
BINGHAMTON, NEW YORK — On Monday, May 6th, 2024, community leaders, advocates, and members of Citizen Action of New York gathered outside Congressman Marc Molinaro’s Binghamton office to demand he vote against a bill that would allow banks to continue to charge exorbitant credit card late fees. A mobile billboard truck provided by Empire State Voices echoed protesters’ concerns.
The legislation Rep. Molinaro is currently considering would overturn the new cap on late fees, costing American families more than $10 billion annually. | Credit: CITIZEN ACTION NY
For decades, credit card companies have taken advantage of working people by charging exorbitant late fees, totaling more than $14 billion in 2022. In March, the Consumer Financial Protection Bureau announced a new rule capping late fees to just $8, down from an average of $32. The legislation Rep. Molinaro is currently considering would overturn the new cap, costing American families more than $10 billion annually.
“We urge Congressman Molinaro not to follow the current path he is on of putting the people of NY-19 last and special interests first,” said Ravo Root, Community Organizer with Citizen Action of New York. “Keeping credit card late fees intact hurts families throughout this district and those that are most vulnerable. I hope that Congressman Molinaro will buck his party, show some courage, and vote against credit card late fees.”
“Credit card late fees hurt low-income Americans disproportionately,” said Cynthia Kirk, President of Broome/Tioga County NAACP #2135. “Black and Latino households are the most affected by this due to past and ongoing discrimination. Customers in majority-Black neighborhoods paid more in credit card late fees than in majority-white neighborhoods. Congressman Molinaro must stick up for these communities and not continue this cycle.”
“So many New Yorkers have felt the pain of high late fees, and they can be especially devastating to those already struggling to pay their bills,” said Maria Martinez, Executive Director of Empire State Voices. “By capping credit card late fees at $8, the Consumer Financial Protection Bureau is throwing working families a necessary lifeline, saving them over $10 billion a year. If Congressman Molinaro votes to overturn this rule, he will be directly supporting high costs on his own constituents in order to pad the profit margins of large credit card companies.”
“If Congressman Molinaro votes to overturn this rule, he will be directly supporting high costs on his own constituents in order to pad the profit margins of large credit card companies.” -Maria Martinez | Credit: EMPIRE STATE VOICES
To learn more about the campaign, please reach out to press@empirestatevoices.org
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About Empire State Voices
Empire State Voices (ESV) is a multi-year campaign dedicated to amplifying the voices of everyday working New Yorkers. ESV is fighting for economic policies that make life more affordable for constituents and holding members of Congress across the state accountable when they fail to do the same.
About Citizen Action of New York
Citizen Action of New York is a grassroots membership organization with seven chapters and affiliates across New York State. We work on issues important to our communities, including fair elections, equitable school funding, housing for all, environmental justice, and ending mass incarceration.
