CFPB Eyes Rulemaking To Restrain Credit Card Late Fees

By Jon Hill (June 22, 2022, 1:26 PM EDT) -- The Consumer Financial Protection Bureau on Wednesday kicked off an effort to overhaul years-old regulations on credit card fees with an eye toward putting a dent in the billions of dollars that card issuers collect in late fees each year.

CFPB Director Rohit Chopra announced the release of an early-stage rulemaking notice that he said is intended to help his agency assess whether credit card companies are charging excessive fees for late payments under rules that were originally issued in 2010 by the Federal Reserve.

The 17-page notice, which opens a comment period closing July 22, asks for data on late...

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