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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)

CFPB Issues Order Establishing Supervisory Authority Over Nonbanks

On February 23, 2024, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) published an order establishing supervisory authority over a small-loan consumer finance company, using a Dodd-Frank Act provision that...more

3/6/2024 / Consumer Financial Products , Consumer Financial Protection Bureau (CFPB) , Dodd-Frank , Financial Services Industry , FinTech , Nonbank Firms , Regulatory Authority , Supervisory Guidance

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