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CFPB Finalizes Rule Significantly Restricting Credit Card Late Fees

On March 5, the Consumer Financial Protection Bureau issued a Final Rule that would significantly restrict late fees that consumer credit card issuers may charge to a mere $8—representing approximately a 75% reduction from...more

4/12/2024 / Consumer Financial Products , Consumer Financial Protection Bureau (CFPB) , Consumer Lenders , Credit Cards , Creditors , Final Rules , Financial Institutions , Financial Regulatory Reform , Financial Services Industry , Late Fees

CFPB Finalizes Rule Significantly Restricting Credit Card Late Fees—Litigation Immediately Follows

On March 5, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued a Final Rule that would significantly restrict late fees that consumer credit card issuers may charge from $30 or $41, in most cases, to a mere...more

3/20/2024 / CARD Act , Consumer Financial Products , Credit Cards , Debit and Credit Card Transactions , Fees , Final Rules , Financial Institutions , Financial Regulatory Reform , Financial Services Industry , Truth in Lending Act (TILA)

Potential Volcker Rule Changes Announced

On January 30, 2020, five federal financial regulatory agencies published the long awaited notice of proposed rulemaking (the “NPR”) to revise certain aspects of the Volcker Rule (Section 13 of the Bank Holding Company Act)...more

2/4/2020 / Banks , Comment Period , Deregulation , Dodd-Frank , Financial Regulatory Reform , Financial Services Industry , NPRM , Ownership Interest , Securitization Standards , Volcker Rule

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