CFPB Signals It May Revisit Credit Card Late Fee Regulation

Although the Consumer Financial Protection Bureau under Acting Director Russell Vought has withdrawn from defending a number of Biden-era regulatory initiatives, the Bureau appears poised to revisit one of the most controversial issues in consumer credit regulation—credit card late fees. According to the Office of Information and Regulatory Affairs (OIRA), the CFPB has submitted for interagency review a Request for Information (RFI) regarding “ Credit Card Late Fees and Late Payments .”… Continue Reading