CFPB Targets Credit Card Late Fees As Junk Fees, Proposes Significant Reduction In Safe Harbor For Card Issuers

The Consumer Financial Protection Bureau’s (the “CFPB” or the “Bureau”) latest move in its crusade against “junk fees” may hit closer to home for companies charging common fees that are considered, to date, to be lawful and valid. On February 1, the Bureau issued a Notice of Proposed Rulemaking1 (the “Proposed Rule”) targeting credit card… View ArticleOriginal Article