Call-To-Action: CFPB explores credit card late fees and late payments
Published by: Sean Brown
July 13, 2022 | Political Action, Regulatory
They may not have been called “junk fees,” but the Consumer Financial Protection Bureau, CFPB, is again looking into the charges you and your credit unions use to offer new, safe, and affordable services to your members. The CFPB issued an advanced notice of proposed rulemaking related to information from credit card issuers, consumer groups, and the public regarding credit card late fees and late payments, and card issuers’ revenue and expenses. Specifically, the CFPB is exploring if credit card fees and late payments are reasonable and proportional to a cardholder agreement. The request for comment asks several questions revolving around the appropriateness of the fees, proportionality, deterrence efforts, mitigation protocols, and notification standards.
To protect your credit union from any potential future rulemaking, please take a moment to send a customizable email to the CFPB using League-provided prompts. In total, the comment opportunity explores thirty-eight specific questions. Please respond to any that your credit union also deems important. All comments are due by July 22, so there is still time to submit your own comment.
If you have any additional questions about this proposed rule or how to get involved, reach out and connect with the League’s Director of Regulatory Affairs, Sean Brown.
Contact Sean Brown for questions or assistance.