Credit Card Late Fees and Late Payments

11 organizations filed 11 public comments on Credit Card Late Fees and Late Payments, at the Consumer Financial Protection Bureau. The comment window closed 1457d ago.

Abstract

: In order to support its rulemaking and other functions, the Consumer Financial Protection Bureau (Bureau or CFPB) is charged with monitoring for risks to consumers in the offering or provision of consumer financial products or services, including developments in markets for such products or services. As part of this mandate, the Bureau is seeking information from credit card issuers, consumer groups, and the public regarding credit card late fees and late payments, and card issuers’ revenue and expenses. For example, the Bureau is seeking information relevant to certain provisions related to credit card late fees in the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act or the Act) and Regulation Z. Areas of inquiry include: factors used by card issuers to set late fee amounts; card issuers’ costs and losses associated with late payments; the deterrent effects of late fees; cardholders’ late payment behavior; methods that card issuers use to facilitate or encourage timely payments, including autopay and notifications; card issuers’ use of the late fee safe harbor provisions in Regulation Z; and card issuers’ revenue and expenses related to their domestic consumer credit card operations.

Commenters (11)

• Canton School Employees Federal Credit Unionunverified attribution

  1 filing · confidence 70%
• Coastal Credit Unionunverified attribution

  1 filing · confidence 70%
• Dakota Credit Union Associationtrade assoc.

  1 filing · confidence 85%
• Illinois Credit Union Leaguetrade assoc.

  1 filing · confidence 85%
• KEMBA Financial Credit Unionunverified attribution

  1 filing · confidence 70%
• League of Southeastern Credit Unionstrade assoc.

  1 filing · confidence 85%
• Minnesota Credit Union Networkunverified attribution

  1 filing · confidence 70%
• National Association of Federally-Insured Credit Unionstrade assoc.

  1 filing · confidence 85%
• Ohio Credit Union Leaguetrade assoc.

  1 filing · confidence 97%
• The Virginia Bankers Associationtrade assoc.

  1 filing · confidence 85%
• U.S. Chamber of Commerce

  1 filing · confidence 97%