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Financial Services Industry › Safe Harbors › Credit Cards

Goodwin

The CFPB’s “Junk Fees” Initiative: Recent Developments and Trends

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The term “junk fee” is not defined under federal law, but the CFPB has focused on factors such as whether the fee would be unexpected to or take advantage of a reasonable consumer, the amount of the fee compared to the cost...more

Troutman Pepper

Texas District Court Transfers Credit Card Late Fee Rule Lawsuit to D.C.

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Last week, the lawsuit challenging the Consumer Financial Protection Bureau’s (CFPB or Bureau) credit card late fee rule (Final Rule) was transferred from the U.S. District Court for the Northern District of Texas to the...more

Ballard Spahr LLP

Operational impacts of the new CFPB Credit Card Late Fee Rule

Ballard Spahr LLP on

On March 5, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued its final credit card late fee rule (the “Final Rule”), which, amongst other things, significantly reduces the late fee safe harbor cap for issuers...more

Troutman Pepper

Texas District Court Questions Venue in Credit Card Late Fee Rule Lawsuit

Troutman Pepper on

As discussed here, earlier this month the Consumer Financial Protection Bureau (CFPB or Bureau) finalized its credit card late fee rule (Final Rule). The Final Rule sets a safe harbor amount for late fees at $8 and eliminates...more

Ballard Spahr LLP

Trade groups file lawsuit in Texas federal court challenging CFPB final credit card late fee rule and ask for preliminary...

Ballard Spahr LLP on

Just two days after the CFPB issued its final credit card late fee rule (Rule) last week, a lawsuit was filed in a Texas federal district court seeking to invalidate the Rule. The plaintiffs in the lawsuit are the Chamber of...more

Morrison & Foerster LLP

CFPB Issues Final Rule to Reduce Credit Card Late Payment Fees

Morrison & Foerster LLP on

On March 5, 2024, the Consumer Financial Protection Bureau (CFPB) announced the issuance of its final rule to amend Regulation Z and further restrict credit card late payment fees (the “Final Rule”). With certain material...more

Troutman Pepper

The War on Fees Intensifies: Presidential Strike Force and Industry’s Legal Counterattack

Troutman Pepper on

As discussed here, earlier last week the Consumer Financial Protection Bureau (CFPB or Bureau) finalized its credit card late fee rule (Final Rule). The Final Rule sets a safe harbor amount for late fees at $8 and eliminates...more

Troutman Pepper

CFPB Issues Final Credit Card Late Fee Rule

Troutman Pepper on

We discussed the Consumer Financial Protection Bureau’s (CFPB or Bureau) credit card late fee proposed rule here 13 months ago, and today, the Bureau announced that it has finalized the rule (Final Rule) setting a safe harbor...more

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