CFPB Proposes Rule to Curb Excessive Credit Card Late Fees

On February 1^st, the Consumer Financial Protection Bureau (CFPB) proposed a new rule that aims to address what the CFPB believes are excessive credit card fees on consumers. Updates to the Credit Card Accountability Act of 2009 (CARD Act) were announced earlier in January with CFPB’s intention to reduce consumers’ penalty fees; late fees capped at 25% of the consumer’s required minimum payment, an $8 cap for missed payments, and ending the annual automatic inflation adjustment.  Read more.