Banks Preparing Full Assault on CFPB Plan to Cap Credit Card Late Fees

Also, Democrats release financial services subcommittee assignments; Democratic senators scrutinize Fannie-Freddie loan sales to PE firms; ISS responds to red-state critics

You’ve got to hand it to Rohit Chopra and the Biden administration for getting their rollout of the CFPB plan to slice credit card late fees to the widest audience, in the best possible light. We especially took note of the glowing initial press coverage – which largely was the handiwork of the White House press corps (apparently briefed on the rule pro…