CFPB May Lighten Up On Credit Card Fee Restriction

Law360, New York (April 11, 2012, 8:26 PM EDT) -- The Consumer Financial Protection Bureau on Wednesday proposed removing a Truth in Lending Act provision that limits the fees credit card issuers can charge prior to an account opening, in response to a federal judge's finding that the regulation exceeds the agency’s authority.

The Federal Reserve amended TILA in April 2010 to expand a restriction on how much credit card issuers can charge consumers in fees during the first year of an account to include fees charged prior to the opening of the account. First Premier...
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