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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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Landeskog: 1st game in 3 years ‘a memory for life’

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Landeskog: 1st game in 3 years 'a memory for life'

DENVER — Colorado Avalanche captain Gabriel Landeskog took the ice in his first NHL game in nearly three years Wednesday night in a 2-1 overtime loss to the Dallas Stars in Game 3 of their first-round series.

It marked his first NHL appearance since June 26, 2022, when he and the Avalanche beat Tampa Bay to win the Stanley Cup. He had been sidelined because of a chronically injured right knee.

Landeskog started alongside Nathan MacKinnon and Martin Necas. He played just over four minutes in the first period, making an immediate impression in Game 3 by hitting Stars forward Mikko Rantanen, who used to be Landeskog’s teammate. He had no shots on goal but finished with a team-leading six hits in 13:16 of ice time.

The Stars took a 2-1 series lead.

“Felt great in all areas tonight in terms of being back,” Landeskog said. “Very special night regardless of the outcome.”

It was an emotional lead-up to the game for Landeskog. There were the ovations from the crowd, and chants of “Landy, Landy, Landy.” There were signs all over the arena, including one held up by his kids that read, “So proud of you Daddy!” The team also played a video tribute, with Landeskog tapping his heart in appreciation.

Landeskog said he felt “blessed and very fortunate” to be embraced by the crowd.

“I don’t know exactly what was going through my mind and body at that time, but it was pretty special, and that’s a memory for life. Simple as that,” Landeskog said. “Avs faithful, they make it special, you know? It’s a special place to play, it’s a special place to live and raise a family. And obviously the last three years have been difficult at times. And to come back and feel that love, I mean, incredible. So it means a lot.”

Landeskog said Rantanen welcomed him back when the two lined up for the opening faceoff Wednesday night.

“Regardless of what jersey he wears I love him. He’s a good friend of mine,” Landeskog said of Rantanen after the game. “But in this series, we’re obviously not friends when we’re playing. But obviously very special to be out there for that.”

It was Landeskog’s first game with the Avalanche in 1,032 days. He became the fifth player in NHL history — among those with a minimum of 700 games played — to return to his team after 1,000 or more days without a game, according to NHL Stats. The last one to do so was longtime Avalanche forward and Hall of Famer Peter Forsberg.

“I feel surprisingly calm and in control right now. I know the butterflies and the nerves will come, I’m sure,” Landeskog said during a pregame interview. “I found myself thinking about this moment a lot over the last three years. And now that it’s here, it’s the reverse — I’m thinking a lot about the hard work that’s gone into it, some of the ups, a lot of the downs, sacrifices and support I’ve had along the way.

“Thankful for everybody and all their support, but now it’s go time so I’m excited to get out there.”

Landeskog’s presence on the ice figured to provide a big boost not only for his teammates but the capacity crowd. His No. 92 sweater is a frequent sight around the arena.

The noise in the building was loud, the energy was electric.

“Everyone is rooting for him. It’s a great comeback story,” Avs coach Jared Bednar said after morning skate. “I trust in Gabe’s preparation, and what I’m seeing with my own eyes that he’s getting close and ready to play. I think he feels really good about where he’s at.

“Adding him back into our locker room, he’s almost an extension of the coaching staff, but he’s still one of the guys and the guy that everyone looks up to. You can’t get enough of that this time of the year.”

Landeskog’s injury dates to the 2019-20 season when he was accidentally sliced above the knee by the skate of teammate Cale Makar in a playoff game against Dallas. Landeskog eventually underwent a cartilage transplant procedure on May 10, 2023, and has been on long-term injured reserve.

He was activated Monday before Game 2 in Dallas and skated in pregame warmups but didn’t play.

Stars forward Matt Duchene was teammates with Landeskog, and they remain good friends.

“We’ve been rooting for him to come back,” said Duchene, who was the No. 3 pick by Colorado in 2009. “Obviously, it makes our job harder having a guy like that out there, but on the friends side, the human side and the fellow athlete side, I think everyone’s happy to see the progress he’s made. … I’m just really happy that he’s gotten to this point.”

It doesn’t mean the Stars will take it easy on Landeskog — or him on them.

“It’s remarkable he’s coming back, if he’s coming back, as a friend,” said Rantanen, a 2015 first-round pick by Colorado before being traded in January to Carolina and on to Dallas in March. “As an opponent, obviously, no mercy.”

The 32-year-old Landeskog recently went through a two-game conditioning stint with the American Hockey League’s Colorado Eagles. He practiced with the Avalanche leading up to their playoff opener.

The Associated Press contributed to this report.

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Coach: Oilers ‘gift-wrapping opportunities’ for L.A.

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Coach: Oilers 'gift-wrapping opportunities' for L.A.

It’s not just the Los Angeles Kings who are beating the Edmonton Oilers. The Oilers are also beating themselves.

That was the response Wednesday from Oilers coach Kris Knoblauch after he watched his team allow six goals for the second straight game in a 6-2 loss to the Kings in Game 2 of the Western Conference quarterfinals.

“The last two games, [the Oilers have allowed] five on the special teams, so that’s a problem,” Knoblauch said. “The other one is just mistakes. I don’t necessarily see us — I don’t see L.A. making plays to beat us. Mistakes, gift-wrapping opportunities. That’s different. If they make a heck of a play and [are] able to score goals, you just tip your hat and say, ‘There’s not much we’re able to do.’ But I don’t think I’ve seen very much of that. I think it’s been mostly gaffes that have cost us.”

Entering the postseason, the defending Western Conference champions were already facing questions about how their defensive structure would perform against the Kings. Most of those concerns were centered around their goaltending, which finished the regular season in the bottom 10 in team save percentage, according to Natural Stat Trick. The concerns were further amplified by the fact that one of their best players, defenseman Mattias Ekholm, would miss the first round with an undisclosed injury.

Game 1 against the Kings saw the Oilers fall into a 4-0 deficit before a late second-period goal from Leon Draisaitl sparked a comeback that saw them tie game with 88 seconds left in the third before Phillip Danault scored the game winner with 42 seconds remaining in L.A.’s 6-5 victory.

In Game 2, the Kings jumped out to a 3-0 lead before goals from Draisaitl in the second and former Kings winger Viktor Arvidsson in the third cut the lead to 3-2 before the Kings scored three unanswered goals in less than five minutes.

Knoblauch pulled goaltender Stuart Skinner after the fifth goal before his replacement, Calvin Pickard, allowed a goal on three shots in a little more than a minute worth of work.

“We’re down 5-2, give him a break, but also sometimes when the goalies change, there’s a little boost to our team, an immediate spark,” Knoblauch said. “That’s a stretch, it’s a long shot after the TV timeout, give it a try.”

Knoblauch was asked by reporters how he’ll assess who will start in Game 3 between Skinner, who has allowed 11 goals on 58 shots through two games, or Pickard.

The second-year Oilers coach said he’ll get together with his coaching staff and decide.

But Knoblauch added that he believed Skinner was not at fault for the team’s defensive troubles.

“I don’t think there’s been any bad goals. There’s been a lot of goals but the chances that we’re giving up are Grade A’s,” Knoblauch said. “I’m not sure that are many, ‘Geez, where’s the save there?’ It’s been very difficult for a goaltender playing. More structure and the less we’re giving up those opportunities, it’s a lot easier for Stuart Skinner or Calvin Pickard playing.”

Brandt Clarke scored the Kings’ first goal on the power play as he was able to get open in the slot for a tip-in on an odd-skater rush. Quinton Byfield pushed it to 2-0 when he walked in on net and fired a point-blank attempt that beat Skinner while Andrei Kuzmenko‘s goal saw him get behind the Oilers on the power play.

“When you’re making that gaffe and a guy is all by himself in the slot and we’ve seen probably three of those in the last two games, that’s not giving your goaltender much help,” Knoblauch said.

With Clarke, Kuzmenko and Anze Kopitar all scoring power-play goals, it led to Knoblauch addressing why the Oilers have struggled whenever the Kings have been on the extra-skater advantage.

Edmonton’s penalty kill was among the factors in its run to the Stanley Cup finals last season. The Oilers were an NHL-best 94.3% in short-handed situations.

Through two games this postseason, they’ve already allowed five goals on 10 power-play opportunities.

“They made a change at the end of the season, and it’s a good power play,” Knoblauch said. “There’s a lot of good moving parts there and it’s difficult to check all five of those guys. They bring a different element. It’s exactly what we expected from them. We saw a lot of penalty kills in our last regular-season game against them, and obviously, we’ve looked at the other games they’ve played against other teams. I don’t think there’s anything that’s unexpected.”

Knoblauch’s recollection of what the Oilers saw from the Kings toward the end of the regular season plays into what could become part of a larger narrative throughout the series.

In their last four combined regular-season and playoff games against the Kings, the Oilers have allowed 20 goals. That includes a 3-0 loss on April 5 followed by a 5-0 loss on April 14.

With the series set to resume Friday in Edmonton, the Oilers will try to find the cohesion that has eluded them against a team they’ve faced in the first round for what is now a fourth consecutive season.

Over their previous three encounters, they’ve split the first two games with the Oilers going on to win the series. But with the Kings leaving L.A. with a pair of victories, they now stand two wins shy of advancing to the second round for the first time since the 2013-14 season, when they won their most recent Stanley Cup.

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Thompson ‘the difference’ in 3rd as Caps go up 2-0

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Thompson 'the difference' in 3rd as Caps go up 2-0

WASHINGTON — The highlight-reel, diving save that it looked like Logan Thompson made to rob Jake Evans was not actually a save at all, and he wants to make sure everyone knows that.

“I didn’t save it,” Thompson said. “It went off the post. I think I almost knocked it in.”

Sure, Thompson and the Washington Capitals got a little lucky on that one. But his goaltending in the third period, when he made some spectacular stops, is the biggest reason they lead the Montreal Canadiens two games to none in their first-round playoff series.

“He was the difference tonight in the third: He wins us that game in the third period,” coach Spencer Carbery said after a 3-1 victory in Game 2, after which Thompson was selected the first star. “You could feel the building with the energy with each save. It felt like he just got bigger and bigger and bigger. He was tested. He made some huge saves in that third period to keep us in front.”

The Canadiens had multiple opportunities to tie the score, trailing 2-1 and pressing Thompson.

They got a 2-on-0 rush with 11 minutes left, but Thompson stopped Josh Anderson. With 4:22 on the clock, he got his stick in front of a textbook deflection by Christian Dvorak, who beat him earlier for a goal. And on the next shift, he denied Juraj Slafkovsky.

Fans rose to their feet to give Thompson a standing ovation and chanted “LT! LT!” after each of the saves.

“Extraordinary,” rookie Ryan Leonard said. “A lot of trust back there with that guy. He’s a gamer.”

Making it an even better tale is this was just Thompson’s second game back after getting injured when a shot dislodged his mask April 2 at Carolina.

“I knew I wasn’t going to get a game before playoffs,” Thompson said. “Just staying ready in practice, working as hard as I can and just waiting to see if I get my name called. It did. It’s playoffs. It’s not the start of the year: You can’t take your time to get into it. You just have to hit it sprinting. That’s kind of what I’ve done, and it’s worked out.”

Thompson and Charlie Lindgren alternated starts for the first half of the season. Then it became evident Thompson was Washington’s No. 1 netminder, something solidified when he got a six-year, $35.1 million extension in late January and Lindgren signed for three years and $9 million in early March.

Lindgren shouldered the load down the stretch, a year after carrying the Capitals into the playoffs, but there was no doubt about Carbery and goaltending coach Scott Murray going to Thompson to start the series as long as the 28-year-old was healthy.

“These games, this is where he wants to play,” Carbery said. “He wanted to play in the playoffs. He said: ‘I’m ready to go. I want to be in the net in Game 1.’ No disrespect to Charlie Lindgren. He wants these moments, and that’s an important part of it.”

Thompson made an important save early in the second period to keep his team’s deficit at one goal. He was at his best in the third, making 14 of his 25 saves to keep Montreal from evening things up.

“We knew they were going to come out in the third just like they did last game, Thompson said. “It’s easy to get into it when you make those saves. You’re definitely right back in the game. It could easily swing the other way if a couple of those go in and you’re fighting it, right? Luckily things went my way.”

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