WASHINGTON—Financial institutions across the United States will likely be watching a hearing this week that examines the CFPB’s proposed credit card late fee rule.
As CUToday.info has reported, the CFPB has published its proposal on credit card late fees in the Federal Register. Comments are due May 3. 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.
On Wednesday, the House Financial Services Digital Assets, Financial Technology, and Inclusion Subcommittee will hold the hearing on the CFPB late fee proposal, and America’s Credit Unions noted that it will be following the discussions that address the “CFPB’s misguided efforts that restrict access to safe, affordable credit and support efforts to hold the bureau accountable.”
Other hearings in Washington this week:
Tuesday
- The Senate Banking Committee will hold a hearing to examine proposals to address housing affordability, availability, and other community needs
- The House Small Business Subcommittee on Oversight, Investigations, and Regulations will hold a hearing on alternative pathways to investing in small businesses
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