Insider Insights: CFPB’s War on Late Fees
In February the Consumer Financial Protection Bureau proposed a rule to rein in credit card late fees by lowering the immunity provision that restricts how much banks can charge, ending the annual inflation adjustment that permits banks to increase fees each year and capping fees at 25% of a cardholder’s minimum payment. The CFPB is reportedly reviewing some 57,000 comments on the proposed ruling which could be finalized this year despite strong resistance from banks and credit unions.
In this Insider Insights video, Andrew Davidson, Biota Macdonald and Anjali Ambani discuss the implications of the proposed rule and reveal how banks have responded so far. Our experts will be staying on top of developments as they unfold and will follow up with new videos in the coming weeks.
