Credit Card Penalty Fees Final Rule
The Consumer Financial Protection Bureau (CFPB or Bureau) amends Regulation Z, which implements the Truth in Lending Act (TILA), to address late fees charged by card issuers that together with their affiliates have one million or more open credit card accounts (referred to as “Larger Card Issuers” herein). This final rule adopts a late fee safe harbor threshold of $8 for those issuers and provides that the annual adjustments to reflect changes in the Consumer Price Index (CPI) do not apply to this $8 amount.
Credit Card Penalty Fees Final Rule Stay
As a result of ongoing litigation, the Credit Card Penalty Fees Final Rule published in the Federal Register on March 15, 2024, is stayed.
Final rule
Read unofficial redline of the final rule
Read it on the Federal Register
PROPOSED RULE AND PUBLIC COMMENTS
Read comments received on proposed rule
Unofficial Redline of the 2023 Credit Card Late Fees Proposed Rule
RELATED DOCUMENTS
Credit Card Late Fees: Revenue and Collection Costs at Large Bank Holding Companies