The Biden administration on Wednesday proposed new rules that would limit the fees credit card companies charge for late payments.

The move was announced as part of broader White House efforts to cap fees on a host of consumer-facing products, from airfare to entertainment tickets.

The Consumer Financial Protection Bureau proposed limiting credit card late fees to $8 on Wednesday, which would be lower than the up to $41 some companies charge in addition to interest payments.

“We are concerned that credit card companies are actually expecting consumers to be a day or two late so they can collect fees,” Biden-appointed CFPB director Rohit Chopra told reporters.

The CFPB rule would toughen a regulation from a 2009 law known as the Credit Card Accountability and Disclosure (CARD) Act, which requires companies to charge only «reasonable and proportionate» fees to cover the cost of handling late payments. .

Credit card companies were using the provision to collect up to $41, which the CFPB estimates is five times the cost of collecting late payments.

“Businesses could charge in excess of the immunity provision as long as they can demonstrate that the higher fee is necessary to cover the collection costs incurred,” a CFPB document clarifies.

Capping the fee at $8 would reduce late fees by up to $9 billion a year, according to the CFPB.

The agency said in June that try to limit late fees; Wednesday’s announcement starts the clock on a formal public comment period. Credit card companies like Synchrony Financial were waiting for the CFPB to issue the rule. Brian Doubles, CEO of Synchrony Financial he said on an earnings call last week that there were ways for the company to «compensate for the impact [of the rule] Yes there is one.»

The CFPB has faced challenges to its rules before. In 2017, a Republican-led Congress shot down a CFPB regulation that seeks to prohibit companies from using mandatory arbitration clauses in consumer financial products.

The credit card late fee cap follows the fourth meeting of President Joe Biden’s Competition Council, a group of various administration officials and regulators gathered to address “excess concentration, monopolization and unfair competition”.

As part of the meeting, the Commerce Department also released a report assessing Apple’s and Google’s holds on their respective app stores. The report criticized the two tech giants for practices that limit competition and innovation and recommended administrative actions that would promote «alternative means» of downloading apps, as well as increased antitrust enforcement at the companies themselves.

The administration continues to call on Congress to address other fees for consumers. As part of a proposed “Junk Fee Prevention Act,” the Biden administration hopes to ban airline fees for family members to sit with young children, eliminate surprise resort and destination fees, and end early termination fees for television, telephone and Internet services.

The bill would also target online ticket fees for concerts, sporting events and other entertainment.