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CFPBRulemakingCFPB-2023-0010

Credit Card Penalty Fees (Regulation Z)

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Cooperative Credit Union Association filings
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Cooperative Credit Union Association filed 1 comment on this docket between May 3, 2023 and May 3, 2023. 35 other organizations filed here. The comment window closed 1182d ago.

What Cooperative Credit Union Association filed (1)

May 3, 2023· Comment from Cooperative Credit Union Association· CFPB-2023-0010-0181

Attached is the comment letter from the Cooperative Credit Union Association for Credit Card Penalty Fees

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Abstract

The Consumer Financial Protection Bureau (Bureau) proposes to amend Regulation Z, which implements the Truth in Lending Act (TILA), to better ensure that the late fees charged on credit card accounts are “reasonable and proportional” to the late payment as required under TILA. The proposal would adjust the safe harbor dollar amount for late fees to $8 and eliminate a higher safe harbor dollar amount for late fees for subsequent violations of the same type; provide that the current provision that provides for annual inflation adjustments for the safe harbor dollar amounts would not apply to the late fee safe harbor amount; and provide that late fee amounts must not exceed 25 percent of the required payment. For more information about commenting on CFPB’s Notices, please visit us at: https://www.consumerfinance.gov/rules-policy/notice-opportunities-comment/commenting-on-notices/

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Co-filers (35)

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