League opposes CFPB cap on credit card fees
Published by: Sean Brown
May 3, 2023 | Regulatory
People, families, businesses, and communities need access to safe, reliable, and affordable credit card services, and credit unions are uniquely positioned to meet those needs. That is why the League opposed a CFPB proposed rule that would take decision-making power out of your hands, and cap credit card fees at $8, regardless of the real costs associated with the services provided. Additionally, the Ohio Movement sent over 60 messages directly to the CFPB explaining that members are best served when there is a balance between the impact and cost of regulation and the benefits it provides consumers, and this proposed rule lacks that balance. As we wait for a decision on the final rule, the League will continue to advocate for your right to decide how best to serve your members.
Contact Sean Brown for questions or assistance.