News & Analysis as of

Excessive Fees Late Fees Consumer Financial Protection Bureau (CFPB)

Bradley Arant Boult Cummings LLP

CFPB Supervisory Highlights, Mortgage Servicing Edition, Shed Light on Agency Priorities – “Junk Fees” and Loss Mitigation

The CFPB released its Supervisory Highlights, Mortgage Servicing Edition on April 24, 2024. These highlights share the CFPB’s findings from supervisory examinations completed between April 1, 2023, and December 31, 2023....more

McGlinchey Stafford

CFPB Supervisory Highlights Reflect Continued Emphasis on “Junk Fees”

McGlinchey Stafford on

On April 24, 2024, the Consumer Financial Protection Bureau (CFPB) released the latest edition of its Supervisory Highlights, this time targeting so-called “junk fees” in the mortgage servicing industry. According to the...more

Shipkevich PLLC

CFPB Continues War on Junk Fees for Instantaneously Declined Transactions

Shipkevich PLLC on

On January 24, 2024, the Consumer Financial Protection Bureau (“CFPB”) proposed a new rule, which would expand its crackdown on junk fees. In February 2023, almost a year ago, we wrote about the CFPB’s initial effort to curb...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: A Close Look at the Consumer Financial Protection Bureau’s Credit Card Late Fees...

Ballard Spahr LLP on

The CFPB has issued a proposal that would make significant changes to the current rules for credit card late fees, including substantially reducing the safe harbor late fee amounts that card issuers can charge and eliminating...more

Shipkevich PLLC

CFPB Proposes New Rule to Curb Excessive Credit Card Late Fees

Shipkevich PLLC on

On Wednesday, February 1, 2023, the Consumer Financial Protection Bureau (CFPB) has proposed a new rule to curb excessive credit card late fees, which cost American families approximately $12 billion every year. The proposed...more

Sheppard Mullin Richter & Hampton LLP

CFPB Examines Credit Card Late Fees

In 2009, Congress enacted the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act). Among other things, the CARD Act curtailed a range of junk fees, coercive contract clauses, and other suspicious...more

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