As part of the Biden’s administration’s efforts to eliminate so-called “junk fees,” the Consumer Financial Protection Bureau has finalized a rule that would cap credit card late fees at $8. The average credit card late fee is $32, so the savings for consumers could be huge. The CFPB estimates that, once it takes effect, the new rule will save Americans over $10 billion a year. “For over a decade, credit card giants have been exploiting a loophole to harvest billions of dollars in junk fees from American consumers,” Rohit Chopra, director of the Consumer Financial Protection Bureau, said Tuesda…