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.
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Andrew Davidson
Andrew Davidson is SVP, Chief Insights Officer for Comperemedia, an expert in consumer and marketing intelligence.
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2023-08-29T15:04:10-05:00
2023
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