The Fight Against the CFPB’s Late Fee Rule Continues, But Not In Texas
In the latest update on pushback against the CFBP’s credit card late fee ruling, a Texas judge has rejected trade groups’ request for the suit to be filed in the lone star state—where the conditions are more favorable—instead of Washington D.C. Emily Claus reports.
CFPB’s Contentious Credit Card Rule Will Face Stiff Challenge
On March 5, the CFPB issued its final rule governing credit card late fees, reports David Baumann.
CFPB and Open Banking: Searching for a Solution While Creating New Problems
The Consumer Financial Protection Bureau has released a new rule on open banking, a system which in theory is meant to help members, but in reality places undue burdens on financial institutions. Patrick Sickels and Jim Vilker cover the requirements of the rule and where it falls short.
CFPB’s Proposed Overdraft Fees Rule Lauded by Some, Condemned by Others
The CFPB’s proposed overdraft rule, which would affect the largest credit unions and banks, is praise from consumer rights advocates. Banks and credit unions, however, are standing united in opposing the rule, reports David Baumann.
Economic Liberties Project: Junk Fees Create Unlevel Playing Field
Arguing that junk fees are not just annoying, but also create an unlevel playing field, the American Economic Liberties Project on Monday released model legislation that would provide Congress and state legislatures tools to tackle the issue, reports David Baumann of CUCollaborate.
CFPB’s Credit Card Late Fee Proposal Continues to Draw Criticism from CUNA
In a letter to the CFPB, the Credit Union National Association details its reasons for opposing the Bureau’s proposed reduction of maximum allowable credit card late fees to $8, reports Esteban Camargo.
Overdraft Fee Income Down, Other Checking Account Fees Steady, Reports CFPB
In a report issued by the Consumer Financial Protection Bureau (CFPB) last week, the agency announced that banks’ reported overdraft fee income “was 43% lower in the third quarter of 2022 than in the third quarter of 2019 before the COVID-19 pandemic onset – suggesting $5.1 billion less in fees on an annualized basis,” reports CUSO Magazine’s Esteban Camargo.
Reaction to CFPB Credit Card Fee Plan Wildly Divided
Following the CFPB’s proposed rule limiting credit card late fees to a maximum of $8, reactions from the financial sector have been largely opposed, reports David Baumann of CUCollaborate.
CFPB: Students Being Roped Into CU/Bank Accounts Marketed by Colleges
CUCollaborate’s David Baumann reports some colleges and universities are roping students into opening credit union or bank accounts that have unreasonable fees and penalties, the CFPB said, in a report released late last week.
Senate Subcommittee Meets to Discuss Overdraft Fees
The United States Senate Subcommittee on Financial Institutions and Consumer Protection met on Wednesday, May 4 to discuss overdraft fees and their effects on working families. Esteban Camargo reports on the discussion.
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