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Debit and Credit Card Transactions Financial Institutions CARD Act

Mayer Brown

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

Mayer Brown on

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

Cooley LLP

CFPB Issues Final Rule to Reduce Credit Card Late Fees to $8 for Large Credit Card Issuers

Cooley LLP on

On March 5, 2024, the Consumer Financial Protection Bureau (CFPB) issued a final rule amending provisions in Regulation Z that govern credit card late fee charges. The final rule follows the March 2023 release of the proposed...more

Cadwalader, Wickersham & Taft LLP

CFPB Finalizes Rule to Limit Credit Card Late Fees to $8

On March 5th the Consumer Financial Protection Bureau ("CFPB") announced that it had finalized its rule revisions to Regulation Z and the Official Staff Commentary regarding “Credit Card Penalty Fees.” See a redline of the...more

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