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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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Sports

Stanley Cup playoffs daily: Will the Canadiens, Devils, Oilers get on the board?

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Stanley Cup playoffs daily: Will the Canadiens, Devils, Oilers get on the board?

As the first-round series in the 2025 Stanley Cup playoffs shift to the home ice of the underdogs, some teams have been pushed to the brink of elimination.

Will that be the case for the Montreal Canadiens, New Jersey Devils or Edmonton Oilers, as they carry 2-0 deficits into Friday?

Game 3 will be an important one. In Stanley Cup playoff history, teams with a 2-0 series lead have gone on to win the series 86% of the time; teams that have taken a 3-0 series lead have gone on to win 98% of the time.

Read on for game previews with statistical insights from ESPN Research, recaps of what went down in Thursday’s games, and the Three Stars of Thursday Night from Arda Öcal.

Matchup notes

Washington Capitals at Montreal Canadiens
Game 3 (WSH leads 2-0) | 7 p.m. ET | TNT

Strangely, the Capitals have not done well historically after going up 2-0 in a best-of-seven series. They are the NHL’s only team with a losing record (4-6) in that situation.

Capitals goalie Logan Thompson didn’t play during the Vegas Golden Knights‘ Stanley Cup run in 2023, and he is more than making up for it with his play in this series. In Game 2, Thompson stopped all 14 third-period shots from the Canadiens to preserve the Caps’ lead. Overall, he has a .951 save percentage and 1.47 goals-against average for the series.

Connor McDavid or Connor McMichael? The Caps’ winger scored two goals in a Game 2 win, his first career multigoal game. McDavid has more multigoal games in his career but has not had one yet this postseason.

The Canadiens have had three different goal scorers in the series, including first-line forwards Cole Caufield and Nick Suzuki, as well as veteran Christian Dvorak. For Dvorak, his goal in Game 2 was the third of his career.

Though Thompson has been a big story for the Caps, Sam Montembeault has been equally vital to the Canadiens. He has made some impressive saves en route to a .921 save percentage and 2.49 goals-against average (rates that a number of other teams would love to see from their goaltenders).

Carolina Hurricanes at New Jersey Devils
Game 3 (CAR leads 2-0) | 8 p.m. ET | TBS

The Hurricanes continued an impressive streak by winning Game 2 on Tuesday, as they’ve gone up 2-0 in each of their past five first-round series.

Frederik Andersen made 25 saves in Game 2, earning his 13th playoff win with Carolina, which is one shy of tying Arturs Irbe for the second-most playoff wins in Hurricanes/Whalers franchise history.

News flash: Seth Jarvis is good. His goal in Game 2 was his 14th career playoff goal, which ties Sebastian Aho for the most postseason goals scored by a player age 23 or younger in franchise history.

New Jersey is hoping for good news on injured players, as Luke Hughes and Brenden Dillon sat out Tuesday’s game. Hughes averaged the second-most ice time per game on the team in the regular season (21:09), behind only Brett Pesce (21:19).

Devils goaltender Jacob Markstrom has been solid in two defeats, with 66 saves on 71 shots (.930 save percentage).

Los Angeles Kings at Edmonton Oilers
Game 3 (LA leads 2-0) | 10 p.m. ET | TNT

With the caveat that the Oilers can never be counted out, the Kings now have history on their side as they look to escape the first round: the franchise has a 7-1 series record all time when leading 2-0 in a best-of-seven series.

The Kings’ power play continues to drive their success. Including the end of the regular season, they have scored a power-play goal in seven straight games, and are 5-for-10 in this series. That has helped them produce six goals in each of the first two games, a feat that has not been done since the 2014 San Jose Sharks (who did it against the Kings).

In Game 2, Adrian Kempe and Anze Kopitar became the first duo of Kings players to have four or more points in the same playoff game since Wayne Gretzky and Paul Coffey in 1992 (coincidentally, also against the Oilers).

After an uneven start to the 2023 playoffs, Stuart Skinner was benched, which seemed to improve his play thereafter. The Oilers are hoping something similar happens here; Skinner gave up five goals on 28 shots in Game 2 before being pulled. He is the third goalie in Oilers playoff history to give up five goals in consecutive playoff games, joining Grant Fuhr (1984, 1985) and Andy Moog (1981, 1983); the Oilers won the Stanley Cup in 1984 and ’85.

The Stars have shown up for Edmonton — Connor McDavid has four points, and Evan Bouchard and Leon Draisaitl have three apiece — but the depth scoring has not been there. Could Kris Knoblauch jumble his lines a bit heading into Game 3?


Arda’s three stars from Thursday night

When the Blues needed him, he delivered: a hat trick and an assist in a 7-2 win as St. Louis avoids going down 3-0 vs. Winnipeg.

With his two power-play goals in the win over the Golden Knights, Kaprizov climbed an impressive list; according to ESPN Research, only Mario Lemieux and John Druce have more power-play goals in their first 22 playoff games.

With his second straight game-winning goal, Schmidt became the first Panthers defenseman with two winning goals in one postseason.


Thursday’s scores

Florida Panthers 2, Tampa Bay Lightning 0
FLA leads 2-0

Defenseman Nate Schmidt scored a goal for the second straight game and Sergei Bobrovsky stopped all 19 shots the Lightning took on goal as the defending Cup champs took another on the road to start their playoff journey. But the biggest story in the aftermath was Brandon Hagel‘s hit on Aleksander Barkov that resulted in a five-minute major penalty — and knocked Barkov out of the game. Full recap.

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Nate Schmidt’s slapshot gives Panthers the early lead

Nate Schmidt scores on a slapshot to give the Panthers a 1-0 lead vs. the Lightning.

Toronto Maple Leafs 3, Ottawa Senators 2 (OT)
TOR leads 3-0

For the second straight game, the two teams needed extra time to settle matters. And for the second straight game, the Maple Leafs emerge victorious, sending the Senators to the brink of elimination. Claude Giroux and Matthew Knies traded power-play goals in the second, followed by Auston Matthews and Brady Tkachuk in the third. Leafs defenseman Simon Benoit scored the game winner on a seeing-eye shot from distance 1:19 into OT. Recap.

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Simon Benoit’s OT winner gives Leafs 3-0 series lead

Simon Benoit nets the overtime winner for the Maple Leafs to give them a 3-0 series lead over the Senators.

Minnesota Wild 5, Vegas Golden Knights 2
MIN leads 2-1

Well, this is an interesting one. In a postseason thus far driven by the favorites taking series leads, the Wild have outpaced the heavily favored Golden Knights through three games of this series. Kirill Kaprizov added a pair of goals in this one, giving him four this postseason. The Wild have scored five goals in two straight games, and 12 overall for the series. Recap.

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Marcus Foligno’s empty-netter completes Game 3 win for Wild

Marcus Foligno scores with under two minutes left to give the Wild a 5-2 win over the Golden Knights.

St. Louis Blues 7, Winnipeg Jets 2
WPG leads 2-1

St. Louis will not go quietly into the night. The Blues netted three goals in the first period — including the first two of Pavel Buchnevich‘s hat trick — and didn’t look back. Buchnevich also tallied an assist, while Cam Fowler (one goal, four assists) and Robert Thomas (four assists) joined him in filling up the box score. Recap.

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Pavel Buchnevich completes his hat trick for Blues

Pavel Buchnevich scores his third goal of the game for a hat trick to put the Blues up 4-1 over the Jets.

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Politics

Tories ‘are not doing a deal with Reform,’ Kemi Badenoch insists

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Tories 'are not doing a deal with Reform,' Kemi Badenoch insists

Kemi Badenoch has said the Tories are “not doing a deal with Reform” after a Conservative mayor appeared to advocate for a “coming together” of the two rival parties.

The leader of the opposition criticised talk of “stitch ups” ahead of next week’s local elections and said she was instead focused on ensuring that voters have a “credible Conservative offer”.

Speaking to reporters from Stratford-upon-Avon, she said: “We are not doing a deal with Reform. There’s not going to be a pact.

“What we need to do right now is focus on ensuring that voters have a credible Conservative offer.

“When we start talking about stitch ups before an election it sounds as if we are not thinking about the people out there but just about how we win.

“Winning is just the first step – we need to talk about how we are going to deliver for the people of this country.”

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PM questions Badenoch on Jenrick audio at PMQs

Her words come after Tees Valley mayor Ben Houchen suggested his party may have to join forces with Nigel Farage’s Reform UK.

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In an interview with Politico, he said: “I don’t know what it looks like. I don’t know whether it’s a pact. I don’t know whether it’s a merger … [or] a pact of trust and confidence or whatever.

“But if we want to make sure that there is a sensible centre-right party leading this country, then there is going to have to be a coming together of Reform and the Conservative Party in some way.”

He added: “What that looks like is slightly above my pay grade at the moment.”

The intervention from the Conservatives’ last remaining mayor will create further trouble for Ms Badenoch after shadow justice secretary Robert Jenrick vowed to “bring this coalition together” to ensure that Conservatives and Reform UK are no longer competing for votes by the time of the next election.

According to a leaked recording obtained by Sky News, Mr Jenrick – who lost the Tory leadership campaign to Ms Badenoch – said he would try “one way or another” to make sure the two right-wing parties do not end up handing a second term to Sir Keir Starmer.

Mr Jenrick has denied his words amounted to calling for a pact with Reform – and told Good Morning Britain: “I’ve said time and again that I want to put Reform out of business … I want to send Nigel Farage back to retirement.”

Read more:
Chancellor Rachel Reeves outlines red lines for US trade deal
‘Consensus has got to be rebuilt’: Harriet Harman reacts to gender ruling

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Farage: Jenrick ‘shaping up’ to be Tory leader

Questioned about Mr Jenrick’s remarks, Reform UK leader Nigel Farage told Sky News he was not going to do a deal with the Conservative Party.

He said: “I mean he’s clearly shaping himself up to be the next leader of the Conservative Party. He doesn’t care what internal division he causes within the Parliamentary Party.

“But he’s actually mistaken. We are not going to do a deal with a Conservative Party that gave us record tax levels since the war, mass migration, I mean I could go on.”

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UK

Three men jailed for plotting to murder £54m Securitas robber Paul Allen

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Three men jailed for plotting to murder £54m Securitas robber Paul Allen

Three men have been jailed for a combined total of 99 years for plotting to murder a member of a gang that carried out Britain’s biggest-ever cash robbery.

Paul Allen, 46, was shot twice as he stood in his kitchen in Woodford, east London, on 11 July 2019.

He was a member of the Securitas heist gang that stole £54m from a cash depot in Tonbridge, Kent, in 2006.

The former cage fighter was living in a large detached rented house with his partner and three young children after being released from an 18-year prison sentence over the raid.

The attack at his home has left him paralysed from the chest down.

Louis Ahearne, 36, Stewart Ahearne, 46, and Daniel Kelly, 46, denied conspiring to murder Allen but were found guilty last month following a trial at the Old Bailey.

The trio were sentenced at the Old Bailey in central London on Friday.

Kelly was sentenced to 36 years in prison and an extra five years on licence, Louis Ahearne was jailed for 33 years, and his sibling Stewart Ahearne – 30 years.

Damage to the kitchen door.
Pic: Met Police/PA
Image:
Damage to the kitchen door. Pic: Met Police/PA

A bullet casing found in the back garden. Pic: Met Police
Image:
A bullet casing found in the back garden. Pic: Met Police

Prosecutors did not give a motive for the murder plot, though they described the victim as a “sophisticated” career criminal.

Detectives said the shooting could seem like “the plot [of] a Hollywood blockbuster” but added it was actually “horrific criminality” from “hardened organised criminals”.

In her sentencing remarks, the judge said she believed the trio “were motivated by a promise of financial gain”.

Judge Sarah Whitehouse KC said: “I have no doubt that this agreement to murder Paul Allen involved other people apart from the three of you and that you three were motivated by a promise of financial gain.

“The culpability of each one of you is very high.

“The harm caused to the victim was very serious – indeed, short of killing him it could hardly be more serious. He is currently paralysed and relies on others for every single need.”

The shooting was just the latest act in a long list of criminal deeds. The day before, Kelly and Louise Ahearne used a rented car to carry out a burglary in Kent, accessing the gated community by pretending to be police officers.

A month before that, the trio had stolen more than $3.5m (£2.78m) worth of Ming dynasty antiques from the Museum of Far Eastern Arts in Geneva, for which the Ahearne brothers had been jailed in Switzerland.

Kelly is also wanted in Japan over the robbery of a Tokyo jewellery store in 2015 in which a security guard was punched in the face.

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