This is the best summary I could come up with:

Millions of Americans could soon see lower credit card bills after a federal rule that caps late fees at $8 a month was finalized on Tuesday by the Consumer Financial Protection Bureau, which estimates that the change will save households $10 billion a year.

A 2010 rule imposed by the Federal Reserve aimed to cap the charges, but allowed adjustments for inflation — a provision card issues have used to raise their fees far beyond the actual costs they incur when payments arrive late, the bureau said.

That allowed credit card companies to “harvest billions of dollars in junk fees from American consumers,” said Rohit Chopra, the bureau’s director.

“Today’s rule ends the era of big credit card companies hiding behind the excuse of inflation when they hike fees on borrowers and boost their own bottom lines.”

Ian Katz, a managing director at the research firm Capital Alpha Partners, predicted that litigation would be filed “in a sympathetic district where industry is likely to get the rule’s implementation delayed while the case is considered.”

Lindsey Johnson, the chief executive of the Consumer Bankers Association, another trade group, pointed to a bureau analysis that acknowledged that card issuers could “adjust other fees or interest rates in order to recover any lost revenue” as an indication that the rule could negatively affect cardholders.

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