“By our estimates, 75 percent of late fees —$9 billion — have no purpose beyond padding the credit card companies’ profits.”
Rohit Chopra
director of the Consumer Financial Protection Bureau. in a media briefing. Claim dated 1 Feb 2023.
Washington Post rated thisNot the whole story
What Washington Post found
We dug deep but the math doesn't add up
Their words, from the summary they publish with the rating.
In short
Rohit Chopra (director of the Consumer Financial Protection Bureau) made this claim around 1 February 2023. Washington Post (United States) looked into it and published its finding on 10 June 2023, 129 days later. Its rating was “Not the whole story”.
Where the claim appeared
- consumerfinance.govhttps://www.consumerfinance.gov/about-us/newsroom/director-chopras-remarks-on-press-call-…
Links recorded by Washington Post. Some posts may have been deleted since.
This check was done by Washington Post, not by DoesItStand. We list it so you can find it. Their full evidence and reasoning are in their article.