CFPB credit card fee and late payments deadline extended

Published by: Sean Brown

July 27, 2022 | Political Action, Regulatory

Just weeks after labeling credit union service charges as “junk fees,” the Consumer Financial Protection Bureau, (CFPB), is back at it again, only this time, they are looking at credit card fees and late payments. Last week we told you about the recently issued advanced notice of proposed rulemaking from the CFPB 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. There are several questions that only credit unions will be able to respond to, so we need your help.

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.

The deadline to file a comment has been extended, and all comments are now due by Aug. 1, 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.

Sean Brown
Sean Brown VP, Government Affairs and General Counsel E: sbrown@ohiocul.org
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