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.
All but one NHL team will end the season on a bitter note, as there can be only one Stanley Cup champion. But on Saturday, we could have our very first playoff elimination of the 2025 playoffs.
The Ottawa Senators are on the brink heading into Saturday’s game. Despite taking the heavily favored Toronto Maple Leafs to overtime twice in a row, the Atlantic Division champs have scored the game winner each time in the extra session. Can the Senators win one in front of the home crowd to extend the series to five games?
Elsewhere in the Atlantic bracket, the Florida Panthers won both of the first two games in the Tampa Bay Lightning‘s building. Will this be a shorter series than many expected? And out West, the Minnesota Wild will look to extend their shocking series lead over the Vegas Golden Knights, and the Clash of the Western Titans continues in the Centennial State, as the Colorado Avalanche look to even things up with the Dallas Stars.
Having served his suspension for performance-enhancing substances, Panthers defenseman Aaron Ekblad is eligible to return for this game. The well-rounded blueliner skated 23:30 per game during the regular season, scoring three goals and 30 assists in 56 games.
The Panthers have another defenseman who has been delivering this postseason; Nate Schmidt scored a goal in Games 1 and 2, becoming the first defenseman in franchise history with two game-winning goals in a single postseason — and they’re only two games in!
All eyes will be on the status of Aleksander Barkov, who was knocked out of Game 2 via a hit from Brandon Hagel; Hagel was assessed a five-minute major penalty for the play and suspended for Game 3.
Tampa Bay needs its stars and its scoring depth to get rolling to charge back into this series, with just two goals total in two games. Goaltender Andrei Vasilevskiy has not been up to his typical, superhuman standards thus far, allowing seven goals on 39 shots (.821 save percentage).
In Stanley Cup playoff history, teams that start 2-0 in a best-of-seven series have won 86% of the time; that number rises to 98% if a team starts 3-0.
If nothing else, this series has been a unique one from a starting-time perspective; each of the first four games will have had a different scheduled start time once the puck is dropped Saturday — 10 p.m. ET for Game 1, 11 p.m. ET for Game 2, 9 p.m. ET for Game 3 and 4 p.m. ET for this one.
Most observers didn’t believe the Wild were going to win this series. Nor did many predict that Minnesota players would be all over the scoring leaderboard midway through Round 1. Kirill Kaprizov is tied for the playoff scoring lead with Adrian Kempe and Cam Fowler (seven points), and is tied with teammate Matt Boldy for the goal-scoring lead, with four. The current playoff assists leader? Wild blueliner Jared Spurgeon.
This has been an uncharacteristically rough opening round for Adin Hill. He’s allowed 10 goals on 57 shots, generating a .825 save percentage and 3.78 goals-against average. Those rates were .932 and 2.17, respectively, in Hill’s 16 games played during the Knights’ 2023 Stanley Cup run.
While “Playoff” Tomas Hertl has shown up this series — to the tune of two goals and an assist — some of the Knights’ other offensive standbys have been quiet. Jack Eichel, Mark Stone and Ivan Barbashev — who combined for 212 points in the regular season — all have a goose egg thus far.
The Maple Leafs have been led by a consistently strong performance of their Core Four of Auston Matthews, Mitch Marner, William Nylander and John Tavares; the quartet leads Toronto in scoring through three games. Perhaps a narrative is being rewritten before our eyes, after years of playoff disappointment for that group?
One specific area where Toronto has been dominant is the power play; their 55.6% conversion rate is tops in the league this postseason (and makes up, somewhat, for a penalty kill that is just 77.8% effective).
The Senators have had five different goal scorers this series, including Brady Tkachuk, who has been giving his all in his first playoff experience. Ottawa’s captain has two goals — and four penalty minutes, as he has kept himself in the mix whenever the action has gotten rowdier.
Will Ottawa stick with Linus Ullmark in goal for Game 4? The veteran has an .815 save percentage through the first three games — and an .874 mark in his postseason career.
Game 3 was all about the return of Avalanche captain Gabriel Landeskog after an absence of 1,032 days. Landeskog skated 13:16 in the game, but did not record a point or a shot on goal.
While other teams are generating historic numbers on the power play this postseason, the Avs have struggled to a 15.4% conversion rate (fourth worst). This is in stark contrast to the regular season, when the Avs’ 24.8% rate was eighth in the league.
Tyler Seguin‘s overtime goal sealed the deal for Dallas in Game 3. it was just the second OT game winner in his career, after a span of 13 years (April 22, 2012).
The other good news on the Dallas front is that Mikko Rantanen — former Av, who was acquired on March 7 — finally picked up his first point of the series, an assist on the OT game winner. Have the floodgates opened?
Arda’s three stars from Friday night
1. The Oilers-Kings series LA up 2-1 | 30 goals in three games
The first three games have been bonkers. Game 1 almost had an all-timer comeback, then the Kings rocked Edmonton in Game 2, while Game 3 saw multiple lead changes, quick back-to-back goals, a failed coaches challenge by L.A. on an Edmonton goal — which led to an Oilers’ power-play goal to take the lead. Just incredible.
Nemec scored the overtime winner in Newark to win the game for the Devils over the Canes — and avoid going down 0-3 in the series. This came after stints in the AHL this season, and being a healthy scratch earlier in the series.
“Goal” Caufield had a goal and an assist in Montreal’s emphatic 6-3 win over Washington in Game 3.
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Cole Caufield scores with a one-timer for Montreal
Cole Caufield scores on a one-timer to give the Canadiens the lead late in the second period.
The Bell Centre was electric for the Canadiens’ first home game in quite some time — and the fans were sent home quite happy on Friday night after a wild game. The two teams traded goals through most of the first two periods before Cole Caufield put Montreal up one at the end of the second — and a brawl ensued that spilled into the Washington bench. Although Alex Ovechkin scored 2:39 into the third to tie the game 3-3, the Habs poured it on thereafter with three straight goals, sending the “Olé!” chants to unforeseen decibel levels. Recap.
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Christian Dvorak helps Canadiens regain the lead
Christian Dvorak finds the net in the third period to help the Canadiens to retake the lead vs. the Capitals.
Down 0-2 in the series, the Devils went up 2-0 in their first game back home, on goals from Nico Hischier and Dawson Mercer. But a pair of third-period, power-play goals — from Seth Jarvis and Sebastian Aho — knotted things up, and the game went to overtime. Scoreless after one extra period, the game was ended by Simon Nemec, the second overall pick in the 2022 draft, who had been a healthy scratch previously in the series. Recap.
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Simon Nemec’s wrister wins it in 2OT for the Devils
Simon Nemec finds the winning goal as the Devils outlast the Hurricanes in double overtime.
It takes a full-team effort to get up off the proverbial canvas when down 0-2 in a series, and that’s just what the Oilers got on Friday. Ten different Oilers hit the scoresheet in this one, including superstars like Connor McDavid, Leon Draisaitl and Evan Bouchard, as well players further down the lineup like Connor Brown and Evander Kane. The Oilers also made the switch in goal to Calvin Pickard for this game, and he responded with 24 saves on 28 shots. On the Kings’ side, Adrian Kempe had his fourth goal and fifth assist of the playoffs, putting him into first in the points race and tied for first in the goals race. Recap.
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Connor McDavid’s empty-netter secures Game 3 for the Oilers
Connor McDavid notches the empty-netter to secure a Game 3 win for the Oilers.
The trip came just a week-and-a-half after Buckingham Palace confirmed the King had been taken to hospital following side effects related to his ongoing cancer treatment.
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Pope’s coffin passes Colosseum after Vatican service
Number 10 confirmed the prime minister received an invite and so he attended the ceremony.
Speaking on Tuesday, Sir Keir said there had been “an outpouring of grief and love” for the Pope.
He added: “I think it reflects the high esteem in which he was held, not just by millions and millions of Catholics, but by many others, across the world, myself included.”
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Trump pays respects to Pope
The US president was one of the first to confirm he would be flying to Rome, adding he would be joined by first lady Melania Trump.
Writing on his social media platform Truth Social on Monday, he said: “Melania and I will be going to the funeral of Pope Francis, in Rome. We look forward to being there!”
The Pope had been critical of Mr Trump at times during his tenure.
In January, he said it would be a “disgrace” if the president went ahead with his crackdown on immigration, telling an Italian television station: “It would make the migrants, who have nothing, pay the unpaid bill.
“It doesn’t work. You don’t resolve problems this way.”
Image: Prime Minister Giorgia Meloni (right) arrives for the funeral. Pic: AP
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Scale of funeral service from above
The Italian premier, along Argentine leader Javier Milei (below) had place of pride in the seating order for the service.
The Vatican is, of course, surrounded by the Italian capital Rome, while the Pope was born and grew up in Argentina and was once Archbishop of Buenos Aires.
The president of Pope Francis’s native Argentina was also at the ceremony, despite having launched insults at Francis in recent years.
Before taking office in December 2023, the far-right politician called him “an imbecile, the representative of evil on Earth”.
Mr Milei alluded to their “differences” in his tribute to the late Pope, writing: “It is with profound sorrow that I learned this sad morning that Pope Francis, Jorge Bergoglio, passed away today and is now resting in peace.
“Despite differences that seem minor today, having been able to know him in his goodness and wisdom was a true honour for me.”
Former US president Joe Biden, 82, was at the funeral with his wife Jill. The couple were seen taking their places in the bright sunshine prior to the service.
Mr Biden appeared to be getting some help to his seat, taking the arm of a member of the church.
• Ireland’s taoiseach Micheal Martin • Spain’s King Felipe and Queen Letizia • Albanian president Bajram Begaj • Angola’s president Joao Lourenco • Austrian president Alexander Van der Bellen • Bangladesh’s chief adviser and interim leader Muhammad Yunus • Belgium’s King Philippe and Queen Mathilde, along with prime minister Bart De Wever • Canada’s governor general Mary Simon • Cape Verde president Jose Maria Neves • Croatia’s president Zoran Milanovic • Cyprian president Nikos Christodoulides • Czech Republic’s prime minister Petr Fiala • Democratic Republic of Congo president Felix Tshisekedi • Dominican Republic’s president Luis Abinader • East Timor’s president Jose Ramos-Horta • Ecuador’s president Daniel Noboa • Estonia’s president Alar Karis • Finland’s president Alexander Stubb • Gabon’s president Brice Oligui Nguema • German president Frank-Walter Steinmeier and outgoing chancellor Olaf Scholz • Greece’s prime minister Kyriakos Mitsotakis • Honduras president Xiomara Castro • Hungary’s president Tamas Sulyok • Italy’s president Sergio Mattarella and prime minister Giorgia Meloni • Latvian president Edgars Rinkevics • Lithuanian president Gitanas Nauseda • Moldova’s president Maia Sandu • Netherlands’ prime minister Dick Schoof • New Zealand’s prime minister Christopher Luxon • Norway’s Crown Prince Haakon and Crown Princess Mette-Marit • The Philippines’ president Ferdinand Marcos Jr • Poland’s president Andrzej Duda • Portugal’s president Marcelo Rebelo de Sousa and prime minister Luis Montenegro • Romania’s interim president Ilie Bolojan • Sweden’s King Carl XVI Gustaf, Queen Silvia and prime minister Ulf Kristersson • Switzerland’s president Karin Keller-Sutter
Image: Pope Francis walks next to Putin at the Vatican in 2015. Pic: AP
The Russian president did not attend the funeral.
But the controversial leader paid tribute to the Pope, writing a message to Cardinal Kevin Farrell, who is interim chief of the Catholic Church.
“Please accept my most sincere condolences on the passing of His Holiness Pope Francis,” Mr Putin said.
“Throughout the years of his pontificate, he actively promoted the development of dialogue between the Russian Orthodox and Roman Catholic churches, as well as constructive cooperation between Russia and the Holy See.”
Image: Pope Francis and Benjamin Netanyahu meet at the Vatican in 2013. Pic: AP
Israeli Prime Minister Benjamin Netanyahu also did not attend the ceremony, with the country’s ambassador Yaron Sideman going instead.
The Jewish state and the Vatican have had strong relations in the past, with Israel sending a presidential delegation to the funeral of Pope John Paul II in 2005, and Pope Francis visiting Israel in 2014.
But their relationship has deteriorated since the start of the war in Gaza.
A month after the conflict started in 2023, a dispute broke out over whether Pope Francis had used the word “genocide” to describe events in Gaza. Palestinians who met with him said he did, but the Vatican said he did not.
The Pope met relatives of Israeli hostages on the same day.
Israeli officials have since lobbied the Vatican to be more forceful in its condemnation of Hamas.
In January, the Pope called the humanitarian situation in Gaza “shameful”, prompting criticism from Rome’s chief rabbi, Riccardo Di Segni, who accused Francis of “selective indignation”.
Rabbi Di Segni said he would be attending the funeral, despite it taking place on the Jewish sabbath.
Was there a seating plan?
The seats were assigned in advance, with the heads of state sitting in French alphabetical order based on their country’s name, rather than on the individual’s.
This applied to everyone apart from the presidents of Italy and Argentina, who got the best seats because the Pope lived in Italy and was an Argentinian native.
A team of international astronomers, led by Weicheng Zang from the Centre for Astrophysics | Harvard & Smithsonian (Cfa), had announced the discovery of a planet whose size is twice that of Earth, and orbits around its star at a distance farther out than Saturn. These findings reveal how planets differ from our existing solar system. The discovery was first published in the Journal Science on April 25, 2025. Scientists fetched this data from the Korea Microlensing Telescope Network (KMTNet), also known as the largest microlensing survey to date.
This Super Earth, called a planet due to its size being bigger than Earth but smaller than Neptune, is more significant as it is a large study where the masses of many planets have been measured relative to the stars that they orbit. As per physics.org, the team of researchers found fresh information about the number of planets that surround the Milky Way.
Study by KMTNet
According to the study conducted using Korean Microlensing data in which light from faraway objects is amplified through the use of an interfering body, called a planet. This technique is very effective for finding planets at a far distance, between Earth and Saturn’s orbit.
This study is considered to be large for its kind because there are about three times more planets, including planets that are eight times smaller than the previous planets found with the help of microlensing. Shude Mao, a professor, said that the current data gives a hint of how cold planets are formed. With the help of KMTNet data, we can know how these planets were formed and evolved. KMTNet has three telescopes in South Africa, Chile and Australia.
Understanding the Exoplanets
Such studies show that the other systems can have a small, medium and large variety of planets in Earth’s orbit. CFA-led research suggests that there can be more Super Earth Planets in other solar systems’ outer regions. Jennifer Yee says that there is a possibility that outside the Earth’s trajectory, other galaxies may have more such planets that are bigger than Earth’s size yet smaller than Neptune.
Findings and Implications
Youn Kii Jung, who operates KMTNet, says that in Jupiter-like orbits, the other planetary systems may not be similar to ours. Scientists will try to determine how many such planets exist. A study indicates that there are at least as many super-Earths as there are Neptune-sized planets in the universe.