Final Call: Oppose arbitrary CFPB credit card fee caps
Published by: Sean Brown
March 23, 2023 | Regulatory
Terms, conditions, and agreements between you and your members are just that: between you and your members. As member-owned financial cooperatives, credit unions already empower their members to not only set standards they see appropriate, but also to democratically challenge those they see as inappropriate. Credit card terms and conditions that are adequately disclosed, and agreed upon, should be no different; however, the CFPB is proposing to limit all credit card late fees to an arbitrary $8, regardless of what it costs to provide credit services.
Cards, compliance, and cyber security have a cost. Help the League oppose this CFPB proposal by submitting a pre-written or customized message reminding the agency how people, families, businesses, and community needs are best served when there is a balance between the impact and cost of regulation and the benefits it provides consumers.
Contact Sean Brown for questions or assistance.
