News & Analysis as of

Late Fees CARD Act

Ballard Spahr LLP

CFPB files its reply brief in support of the CFPB’s motion to dissolve the preliminary injunction in the credit card late fee...

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On August 22, 2024, the CFPB filed its reply brief in support of its motion to dissolve the preliminary injunction and lift the stay of the CFPB’s credit card late fee final rule (“Rule”) in the lawsuit challenging the Rule....more

Ballard Spahr LLP

Plaintiffs file their brief in opposition to CFPB’s motion to dissolve the preliminary injunction in the credit card late fee...

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On August 8, 2024, the plaintiffs filed their brief in opposition to the CFPB’s motion to dissolve the preliminary injunction in the lawsuit challenging the CFPB’s credit card late fee final rule (“Rule”). In their brief, the...more

Ballard Spahr LLP

CFPB Refiles its Notice of Supplemental Authority in Support of its Motion to Transfer Venue under Section 1406(a) and Motion and...

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On July 18, 2024, in the lawsuit challenging the CFPB’s credit card late fee rule (Rule), the CFPB refiled its notice of supplemental authority in support of its motion to dismiss or transfer the case, motion to dissolve the...more

Ballard Spahr LLP

Fifth Circuit (again) rejects transfer of credit card late fee case to D.C.

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On June 19, 2024, the Fifth Circuit dissolved the district court’s order transferring the case challenging the CFPB’s credit card late fee rule. In granting the writ of mandamus filed by the plaintiff trade associations...more

Ballard Spahr LLP

Fifth Circuit relinquishes jurisdiction to Federal District Court Judge Pittman in credit card late fee rule case

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On Friday May 24, in response to the CFPB’s motion requesting the Fifth Circuit to accelerate the issuance of its mandate from July 9, 2024 with respect to its earlier dismissal of the plaintiffs’ appeal, the Fifth Circuit...more

Kilpatrick

Consumer Financial Protection Bureau Releases Final Rule Limiting Credit Card Late Fees

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In March the Consumer Financial Protection Bureau (CFPB) announced a final rule intended to limit late payment fees on consumer credit cards distributed by the larger credit card issuers (the “Final Rule”). The Final Rule,...more

Ballard Spahr LLP

CFPB and plaintiffs fully brief motion for preliminary injunction in trade group lawsuit regarding final credit card late fee rule

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The Consumer Financial Protection Bureau (“CFPB”) filed an opposition brief (the “Opposition”) on Tuesday in response to a request by plaintiff trade groups to enjoin the CFPB’s final credit card late fee rule (the “Final...more

Ballard Spahr LLP

Trade groups file lawsuit in Texas federal court challenging CFPB final credit card late fee rule and ask for preliminary...

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Just two days after the CFPB issued its final credit card late fee rule (Rule) last week, a lawsuit was filed in a Texas federal district court seeking to invalidate the Rule. The plaintiffs in the lawsuit are the Chamber of...more

Orrick, Herrington & Sutcliffe LLP

CFPB lowers most credit card late fees to $8, amending Regulation Z

On March 5, the CFPB announced a final rule that will amend TILA Regulation Z and lower the typical credit card late fees from $30 to $8. According to the final rule, the CFPB determined that the Regulation Z §1026.52(b) $30...more

Cooley LLP

CFPB Issues Final Rule to Reduce Credit Card Late Fees to $8 for Large Credit Card Issuers

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On March 5, 2024, the Consumer Financial Protection Bureau (CFPB) issued a final rule amending provisions in Regulation Z that govern credit card late fee charges. The final rule follows the March 2023 release of the proposed...more

Orrick, Herrington & Sutcliffe LLP

CFPB Finalizes Rule on Credit Card Late Fees: What Companies Should Know

In its latest contribution to the Biden Administration’s campaign against “junk fees,” the CFPB has finalized a rule to limit credit card late fees. The rule slashes the late fee that larger issuers can charge under a...more

Cadwalader, Wickersham & Taft LLP

CFPB Finalizes Rule to Limit Credit Card Late Fees to $8

On March 5th the Consumer Financial Protection Bureau ("CFPB") announced that it had finalized its rule revisions to Regulation Z and the Official Staff Commentary regarding “Credit Card Penalty Fees.” See a redline of the...more

Troutman Pepper

CFPB Reports That College-Sponsored Financial Products Have Higher Fees and Less Favorable Terms

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The Consumer Financial Protection Bureau (CFPB or Bureau) released its 14th annual report to Congress in fulfillment of its requirements under the Credit Card Accountability Responsibility and Disclosure (CARD) Act. For the...more

Ballard Spahr LLP

CBA concludes blog post series countering CFPB information about CARD Act report

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The Consumer Bankers Association has issued the third and fourth blog posts in its four-part “Facts Matter” blog series on how the CFPB’s public statements can mislead market observers by painting a picture of the credit...more

Ballard Spahr LLP

CBA issues second blog post countering CFPB information about CARD Act report

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The Consumer Bankers Association has issued the second blog post of its four-part “Facts Matter” blog series. In the second blog post, CBA “explains how the [CFPB’s] public statements can mislead market observers by painting...more

Davis Wright Tremaine LLP

CFPB Publishes 2023 Biennial CARD Act Report

On October 25, for the sixth time since its inception, the Consumer Financial Protection Bureau ("CFPB" or "Bureau") released its biennial report ("Report") evaluating the state of the consumer credit card market. The Credit...more

Ballard Spahr LLP

CFPB Issues Biennial CARD Act Report to Congress

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On October 25, 2023, the Consumer Financial Protection Bureau (CFPB) released its sixth consumer credit card market biennial report to Congress as required under the Credit Card Accountability Responsibility and Disclosure...more

Ballard Spahr LLP

CFPB annual CARD Act, HOEPA, QM adjustments do not include credit card penalty fees safe harbors (UPDATED)

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The CFPB recently posted on its website a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z (TILA) that implement the CARD Act, HOEPA, and the ability to repay/qualified...more

Husch Blackwell LLP

A Significant Reduction in Credit Card Late Fees Could Be on the Horizon

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On February 1, 2023, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would dramatically decrease the late payment fee amount that card issuers could charge on credit cards and qualify for a safe harbor...more

Wiley Rein LLP

Wiley Consumer Protection Download (February 13, 2023)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Cooley LLP

CFPB Issues Notice of Proposed Rulemaking on Credit Card Late Fees

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On February 1, 2023, the Consumer Financial Protection Bureau announced a notice of proposed rulemaking to amend the provisions in Regulation Z governing credit card late fee charges permitted under Regulation Z, which...more

Cozen O'Connor

CFPB Proposes Updates to Credit Card Regulations that Limit Excessive Late Fees for Consumers

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The CFPB announced a proposed rule that would amend existing regulations regarding credit card late fees to better ensure that the Credit Card Accountability Responsibility and Disclosure Act of 2009’s (CARD Act) goal of...more

Ballard Spahr LLP

CFPB proposes significant changes to credit card late fee rules, including reduction in late fee safe harbor amounts and...

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We suspected something was afoot when December 2022 came and went without the CFPB announcing its annual inflation adjustments to the credit card late fee safe harbor amounts set forth in Regulation Z (which implements the...more

Orrick, Herrington & Sutcliffe LLP

CFPB proposal targets late fees on cards

On February 1, the CFPB issued a notice of proposed rulemaking (NPRM) to amend Regulation Z, which implements TILA, and its commentary to better ensure that late fees charged on credit card accounts are “reasonable and...more

Troutman Pepper

CFPB Proposes to Dramatically Cut Safe Harbor for Credit Card Late Fees

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Today the Consumer Financial Protection Bureau (CFPB) published a proposed rule with request for public comment that would amend Regulation Z to: 1) decrease the safe harbor for credit card late fees to $8 and eliminate...more

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