WASHINGTON—The Consumer Financial Protection Bureau has published its proposal on credit card late fees in the Federal Register. Comments are due May 3.
The credit union trade groups continue to call on the Bureau to release the Federal Reserve data the CFPB said it relied upon in crafting the rule.
As CUToday.info has reported, 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.”
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