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 immunity from enforcement actions, and that dollar figure right now is proposed at $8.

The CFPB is helping Americans save money on their homes and their bank accounts and their medical bills.

I have joined my colleagues in signing the amicus brief supporting the CFPB against attacks that undermine the Bureau's ability to fight on behalf of families.

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.

Make no mistake, these overdraft reforms and the $5.5 billion in savings would not have happened without the CFPB.

OK. That sounds pretty reasonable to me. So if the banks want to charge more than $8, just come and show your math about why you are charging more than $8, and there is not going to be any problem here.

So each year credit card companies squeeze billions of dollars in fees out of American consumers, and chief among these are the late fees that you were just discussing, the 20 bucks or 30 bucks or 40 bucks that credit card issuers charge…

Make no mistake. These overdraft reforms and the $5.5 billion in savings would never have happened without the Consumer Financial Protection Bureau.

The only reason that corporations and their enablers have singled out the CFPB is because the agency doesn't do their bidding.