Official publication buys credit unions’ time to respond to CFPB credit card fee limitations

Published by: Sean Brown

April 6, 2023 | Regulatory

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. Recently, the League and Ohio’s credit unions have been fighting to prevent a proposed CFPB rule that would (1) adjust the safe harbor dollar amount for late fees to $8 and eliminate a higher safe harbor dollar amount for late fees for subsequent violations of the same type; (2) provide that the current provision that provides for annual inflation adjustments for the safe harbor dollar amounts would not apply to the late fee safe harbor amount; and (3) provide that late fee amounts must not exceed 25 percent of the required payment.

The Ohio Movement has already driven 40 Calls-to-Action in response to this proposed rule. Since our work started, the proposed rule has subsequently been officially published in the Federal Register, setting a final due date of May 3, 2023.

Help the League make another push to explain to the CFPB that cards, compliance, and cyber security have a cost. Get involved and 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.

Sean Brown
Sean Brown Director, Regulatory Affairs E: sbrown@ohiocul.org
Contact Us

Other Movement News

Government Affairs

League working to fix auto title issue

The League is working to fix a newly required notification process involving auto titles that was included in the State Transportation Budget. After an auto loan is paid off, purchasers […]
Regulatory

League opposes CFPB cap on credit card fees

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 […]
Member Benefits

Tips to teach children how to save and spend; May MMTK

Assist your members in teaching their children good spending habits with helpful tips with the May Monthly Marketing Toolkit, a complimentary resource as part of your League membership. This toolkit […]