Commentary: ATR Supports Fight Against CFPB's Credit Card Late Fee Rule
April 18, 2024
April 18, 2024
WASHINGTON, April 18 -- Americans for Tax Reform issued the following commentary:
By Bryan Bashur
Without any direction from Congress, the Consumer Financial Protection Bureau (CFPB) finalized a rule that (1) changes the safe harbor dollar amount for late fees from $30, or $41 for subsequent late payment violations, to a strict threshold of $8 while prohibiting any higher amount for future delinquencies; and (2) removes the safe harbor late fee adjustment to account for . . .
By Bryan Bashur
Without any direction from Congress, the Consumer Financial Protection Bureau (CFPB) finalized a rule that (1) changes the safe harbor dollar amount for late fees from $30, or $41 for subsequent late payment violations, to a strict threshold of $8 while prohibiting any higher amount for future delinquencies; and (2) removes the safe harbor late fee adjustment to account for . . .