Elizabeth Warren actually said...

That is going to mean 22.8 million consumers will have at least one medical collection removed from their credit reports.

So it is not an end to late fees. The rule just lowers the maximum amount the credit card companies can charge while getting automatic immun...

Without the CFPB, consumers' biggest financial investment...would be at risk, and the mortgage market would be in chaos.

These fees cost families an estimated $12 billion a year, and earlier this year the CFPB proposed a rule to put a cap on unreasonable fees.