CFPB Scraps Restriction On Credit Card Application Fees

Law360, New York (March 25, 2013, 3:28 PM EDT) -- The Consumer Financial Protection Bureau said Friday that a 2009 law restricting credit card fees does not apply to application fees and other charges prior to the opening of an account, bringing it in line with a federal court's interpretation of the statute.

Friday's rule dials back the Federal Reserve's interpretation of the Credit Card Accountability Responsibility and Disclosure Act after a federal judge in the district of South Dakota ruled in September 2011 that the central bank had gone too far in applying the law...
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