The Consumer Financial Protection Bureau (CFPB) published its proposal on credit card late fees in the Federal Register Wednesday with comments due May 3. CUNA has called on the CFPB to release the Federal Reserve data it heavily relied upon to craft the rule.
The proposal would reduce the credit card late fee safe harbor to $8 (down from the current $30 for a first violation and $41 for a subsequent violation within the next six billing cycles).
“We continue to urge the CFPB to make the data it used in this rulemaking public, and to extend the comment deadline on the proposed novel and unanticipated amendments to Regulation Z,” said CUNA Deputy Chief Advocacy Officer for Federal Government Affairs Jason Stverak. “Access to this data—and the requisite time to review and comment on it—is the only way the CFPB will get the meaningful feedback from stakeholders it needs when crafting a final rule.”