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The Biden administration announced a rule Tuesday to cap all credit card late fees, the latest effort in the White House push to end what it has called junk fees and a move that regulators say will save Americans up to $10 billion a year.

The Consumer Financial Protection Bureaus new regulations will set a ceiling of $8 for most credit card late fees or require banks to show why they should charge more than $8 for such a fee.

The rule would bring the average credit card late fee down from $32.

The bureau estimates banks brought in roughly $14 billion in credit card late fees a year.

In credit cards, like so many corners of the economy today, consumers are beset by junk fees and forced to navigate a market dominated by relatively few, powerful players who control the market, said Rohit Chopra, director of the bureau, in a statement.

President Biden planned to highlight the proposal along with other efforts to reduce costs to Americans at a meeting of his competition council on Tuesday.

The Democratic president is forming a new strike force to crack down on illegal and unfair pricing on things like groceries, prescription drugs, health care, housing and financial services.

The strike force will be led by the Justice Department and the Federal Trade Commission, according to a White House statement.

The Biden administration has portrayed the White House Competition Council as a way to save people money and promote greater competition within the US economy.

The White House Council of Economic Advisers produced an analysis indicating that the Biden administrations efforts overall will eliminate $20 billion in annual junk fees.

The analysis found that consumers pay about $90 billion a year in junk fees, including for concerts, apartment rentals and auto dealers.

The effort appears to have done little to help Biden politically ahead of this years presidential election.

Just 34% of US adults approve of Bidens economic leadership, according to a new survey by The Associated Press-NORC Center for Public Affairs Research.

Sen. Tim Scott, R-South Carolina, criticized the CFPB cap on credit card late fees, saying that consumers would ultimately face greater costs through higher interest rates and less access to credit.

It will decrease the availability of credit card products for those who need it most, raise rates for many borrowers who carry a balance but pay on time, and increase the likelihood of late payments across the board, Scott said.

Americans held more than $1.05 trillion on their credit cards in the third quarter of 2023, a record, and a figure certain to grow once thefourth-quarter datais released by the Federal Deposit Insurance Corp. next month.

Those balances are now carrying interest on them, which is the highest it has been since the Federal Reserve started tracking the data back in the mid-1990s.

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Further, more Americans are falling behind on theircredit card debtsas well.

Delinquency ratesat the major credit card issuers such as American Express, JPMorgan Chase, Citigroup, Capital One and Discover have been trending upward for several quarters.

Some analysts have become concerned Americans, particularly poorer households hurt by inflation, might be taking on too much debt.

Overall, the consumer is credit healthy. However, the reality is that there are starting to be some significant signs of stress, said Silvio Tavares, president and CEO of VantageScore, one of the countrys two major credit scoring systems, in an interview last month.

The growth of the credit card industry is partly whyCapital One announced it would buy Discover Financiallast month for $35 billion.

The two companies, which are two of the largest credit card issuers, are also two companies whose customers regularly carry a balance on their accounts.

This is not the first time policymakers have weighed in on credit card fees.

Congress in 2010 passed the CARD Act, which banned credit card companies from charging excessive penalty fees and established clearer disclosures and consumer protections.

The Federal Reserve issued a rule in 2010 that capped the first credit card late fee at $25, and $35 for subsequent late payments, and tied that fee to inflation.

The CFPB, which took over the regulation of the credit card industry from the Fed after it was established, is proposing going further than the Fed.

The bureaus proposal is similar in structure to what the bureau announced in January when it proposedcapping overdraft feesto as little as $3.

In that proposed regulation, banks would be required to either accept the bureaus benchmark or show regulators why they should charge more, a method that few bank industry executives expect to use.

Biden has madethe elimination of junk feesone of the cornerstones of his administrations economic agenda heading into the 2024 election.

Fees that banks charge customers have been at the center of that campaign, and the White House directed government regulators last year to do whatever is in their power to further curtail the practice.

In another move being highlighted by the White House, the Agriculture Department said it has finalized a rule to stop what it deems to be deceptive contracts by meat processors and to ban retaliation against small farmers and ranchers that work together in associations.

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Hamas confirms direct peace talks with US – as it calls on Trump to ‘pressure’ Israel

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Hamas confirms direct peace talks with US - as it calls on Trump to 'pressure' Israel

A senior Hamas official has confirmed the militant group is in direct talks with the United States over peace in Gaza, adding that it believes Donald Trump can help broker a deal.

Speaking to Sky News’ lead world news presenter Yalda Hakim, Dr Basem Naim said Hamas has shared its proposed agreement both through mediators and “directly with some persons in the US administration”.

They are calling for “a prisoner exchange, total withdrawal of Israeli forces, allowing all the aid to get into Gaza and rebuilding of [the] Gaza Strip without forceful immigration,” he said.

Basem Naim being interviewed by Yalda Hakim
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Basem Naim

Dr Naim also addressed whether Hamas – which has been in power since it won the 2006 Palestinian election – could step down from government in order to secure peace.

“We have also told the Americans, we are ready to, again, to hand over the government immediately if we reach an end of this war,” he said.

Donald Trump at an air base in Qatar
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Trump, seen here at a US airbase in Qatar, is on the final day of a Middle East tour

Dr Naim added Hamas has “accepted” an Egyptian peace proposal which “is talking about forming a Palestinian, independent, politically unaffiliated body to run the Gaza Strip”.

“Before that, as long as we are still occupied people, we have all the right to continue defending our people and resisting the occupation with all means including under resistance,” he said.

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Turning his attention directly to the US president, the senior Hamas official said he thinks Mr Trump “has the capability and the will to reach this peaceful situation”.

He said: “Gaza and Gazans are deserving, like all other people everywhere, to live in peace and dignity.

“And I think President Trump can do it if he exercises enough pressure on the Israelis to end this war immediately. And we are ready to cooperate with him to achieve this goal of a more peaceful region.”

Responding to the interview with Hamas, White House National Security Council spokesman James Hewitt told Sky News that Hamas “has not demonstrated they are serious about peace” and that Mr Trump “has been clear Hamas must lay down their arms”.

“Hamas continues to wrongfully hold hostages, including American bodies, in the dungeons of Gaza who could easily be freed and have shown no changes in behaviour to indicate they will cease to attack civilians,” he added.

Hamas has set out ceasefire conditions – but Trump remains as stern as ever


 Yalda Hakim joined Sky News at the end of last year

Yalda Hakim

Lead world news presenter

@SkyYaldaHakim

Donald Trump’s Middle East tour has been full of surprises.

But the revelation that officials in his administration are speaking directly to Hamas is one of the most significant.

As the US president addressed troops at the Al Udeid airbase in Qatar – the largest in the region – I sat down with a senior Hamas official who confirmed direct talks were ongoing.

In an exclusive interview, Dr Bassem Naim praised Trump and talked up chances of finding a peaceful resolution.

It’s a remarkable statement from a senior figure within the group, which is considered by the US and UK to be a terrorist organisation.

Much has been made of Trump’s ‘transactional’ approach here in the region.

His commitment to the ‘art of the deal’ can often achieve unexpected results but also anger his allies – which is almost certainly the case with Israel’s embattled Prime Minister Benjamin Netanyahu.

When I asked Dr Naim about the demands from Israel and the United States for Hamas to disarm and accept that it can no longer be the governing force in Gaza, he set out conditions that Hamas says would have to be met.

However, President Trump’s public stance on Hamas remains as stern as ever.

The group “needed to be dealt with” he said earlier, adding he has “concepts for Gaza,” and that the US should “take it” and turn it into a “freedom zone”.

Israel’s war in Gaza has now entered its 20th month with more than 53,000 people believed to be dead, according to Gaza’s Hamas-run health ministry.

Some 15,000 of them are children, according to UNICEF.

There are still more than 50 Israeli hostages held by Hamas in the Strip.

In a statement released on Thursday, Hamas highlighted the fact it recently released hostage Edan Alexander, an Israeli soldier with American citizenship.

It continued: “We expect, based on the understandings reached with the American side, and with the knowledge of the mediators, that humanitarian aid should have entered the Gaza Strip immediately, a call been made for a permanent ceasefire, and that comprehensive negotiations would have been held on all issues to achieve security and stability in the region, a goal we aspire to achieve.

“However, failure to achieve these steps, especially the entry of humanitarian aid to our people, will cast a negative effect over any efforts to complete negotiations on the prisoner exchange process.”

Read more:
Analysis of Gaza hospital attack contradicts Israel
Gaza aid ship bombed by drones

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Analysis: Israel’s escalation in Gaza

The US president has previously shared plans of his own for Gaza and in February, he posted a bizarre AI video showing the region transformed into a paradise complete with its own Trump tower and exotic beaches.

The States could “own that piece of land” and develop it, he said – but the idea was swiftly condemned as the effective “ethnic cleansing” of Palestinians from Gaza.

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Moment of Israeli strike on house

Mr Trump is currently on a visit to the Middle East, which has included stops in the United Arab Emirates, Qatar and Saudi Arabia – but not Israel.

There had been hopes his trip could lead to a ceasefire deal, but Israeli Prime Minister Benjamin Netanyahu has pushed ahead with an escalation of force on the Gaza Strip.

Israel has this week launched airstrikes on two consecutive nights while continuing to block aid for the region, worsening the humanitarian crisis.

Watch the full interview with Dr Basem Naim from 9pm this evening on The World With Yalda Hakim on Sky News

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Ben & Jerry’s co-founder arrested after US Capitol Gaza protest

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Ben & Jerry's co-founder arrested after US Capitol Gaza protest

The co-founder of Ben & Jerry’s has been arrested after disrupting a Senate hearing with a pro-Gaza protest.

Ben Cohen, Ben of the famous ice cream company Ben & Jerry’s, was one of seven people arrested at a Senate Health, Education, Labor and Pensions Committee hearing on Wednesday, Sky News’ US partner NBC News reported.

Robert F Kennedy Jr was speaking to the committee when the protests started with someone shouting: “RFK kills people with AIDs!”

“When Bobby lies, children die,” is also heard, as well as: “Anti-vax, anti-science, anti-America” in reference to Mr Kennedy’s vaccine views.

Police quickly flooded into the room and began dragging out protesters.

Moments after, Mr Cohen got to his feet and accused the US government of playing a role in the deaths of children in Gaza.

The ice cream boss can be seen in footage of the incident on his feet, gesturing as he shouted at the US health secretary.

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“You’re killing poor kids in Gaza and paying for it by cutting Medicaid for kids here,” shouted Mr Cohen.

He is one of the last protesters hauled out of the room.

But even as he’s removed, he can still be heard shouting.

“Congress and the senators need to ease the siege. They need to let food into Gaza. They need to let food to starving kids,” he said.

Mr Cohen was dragged out along with a number of other protesters.
Pic: Reuters
Image:
Mr Cohen was dragged out along with a number of other protesters.
Pic: Reuters

The other six protesters were charged with resisting arrest and assault on an officer, NBC News said.

Earlier on Wednesday, Mr Cohen had attended a pro-Palestine event with Democratic Representative Rashida Tlaib.

Afterwards, Mr Cohen tweeted out a video of the incident, saying: “I told Congress they’re killing poor kids in Gaza by buying bombs, and they’re paying for it by kicking poor kids off Medicaid in the US.

“This was the authorities’ response.”

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Mr Cohen is no stranger to protests or getting arrested.

In July 2023, he was arrested after protesting about the US prosecution of Julian Assange.

‘Poor kids in Gaza’

Israel has killed around 53,000 Palestinians during its war with Hamas, many of them women and children, according to the Hamas-run health ministry.

The Gaza health ministry does not distinguish between civilians and combatants in its count, but said that more than half of the fatalities are women and children.

It is said the real death toll in Gaza is higher because thousands of bodies remain buried under the rubble or in areas that medics cannot access.

Ben Cohen, of Ben & Jerry's.
File pic: AP
Image:
Ben Cohen, of Ben & Jerry’s.
File pic: AP

The fighting began after the militant group led an attack across the border in October 2023, killing 1,200 people and taking around 250 hostage.

Since Israel broke a ceasefire on 18 March, almost 3,000 people have been killed, the ministry said.

The Israeli military has claimed, without evidence, to have killed 17,000 militants.

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Three climbers dead after 200ft fall – while one ‘miraculously’ survives

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Three climbers dead after 200ft fall - while one 'miraculously' survives

Three climbers have died after they fell hundreds of feet on to jagged rock, while the survival of one man in the group is being called “miraculous”.

Vishnu Irigireddy, 48, Tim Nguyen, 63, Oleksander Martynenko, 36, died while climbing down a steep gully on the 7,800ft Early Winters Spire peaks in Washington state on Sunday.

Their fall was likely caused by a “weathered” piton, which is a metal spike serving as an anchor used to slow the descent down a steep mountainside, tearing from the rock, the Okanogan County Sheriff’s Office said.

The fourth climber, Anton Tselykh, 38, from Seattle, miraculously survived, despite also plummeting 200ft on to jagged rock and tumbling another 200ft before coming to rest in a tangle of ropes and climbing equipment.

The Okanogan County Search and Rescue team responds to a climbing accident in the North Cascades mountains in Washington on Sunday, May 11, 2025. (Okanogan County Sheriff's Office via AP)
Image:
Rescuers near where the climbers were found. Pic: Okanogan County Sheriff’s Office/AP)

He suffered internal bleeding and severe head trauma, which caused him to pass out until around 10pm, hours after the estimated time of the fall, police said.

He managed to untangle himself before “crawling and feeling around in nearly pitch darkness” to find his way back to his car, Okanogan County Undersheriff David Yarnell told Sky News’ US partner NBC News.

Mr Tselykh drove west over the mountain range and collided with a guardrail on the way, falling unconscious, before finally reaching a pay phone to call for help.

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His survival “is miraculous to say the least,” Mr Yarnell said.

Mr Tselykh is being treated in a Seattle hospital and is in “satisfactory condition”, according to a hospital spokesperson.

The Okanogan County Search and Rescue team responds to a climbing accident in the North Cascades mountains in Washington on Sunday, May 11, 2025. (Okanogan County Sheriff's Office via AP)
Image:
The bodies of the three climbers have been recovered. Pic: Okanogan County Sheriff’s Office/AP

The bodies of the three climbers have since been recovered, locating them via a GPS device in their kit.

Police said the three men had suffered massive leg and cranial traumas.

Authorities believe the group had been ascending the north Early Winters Spire peak when they decided to reverse course due to an approaching storm.

Read more from Sky News:
Ben & Jerry’s co-founder dragged out of Senate
Menendez brothers’ murder sentences reduced

The Early Winters Spires in the Northern Cascades consist of two 7,800ft peaks, which are popular with climbers.

The route the group was taking was of moderate difficulty and sees climbers moving between ice, snow and rock, according to a local guide, who cautioned that conditions can change rapidly depending on the weather.

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