ABA: ABA Sues CFPB Over New Regulation Restricting Credit Card Late Fees
The American Bankers Association today joined the U.S. Chamber of Commerce, Fort Worth Chamber of Commerce, Longview Chamber of Commerce, Consumer Bankers Association, and Texas Association of Business in filing a lawsuit in the U.S. District Court for the Northern District of Texas against the Consumer Financial Protection Bureau (CFPB) that challenges the CFPB’s new rule limiting…
CFPB: New Final Rule Bans Excessive Credit Card Late Fees, Lowers Typical Fee from $32 to $8
Final rule closes 2010 loophole exploited by credit card giants The Consumer Financial Protection Bureau (CFPB) finalized a rule today to cut excessive credit card late fees by closing a loophole exploited by large card issuers. The rule will curb fees that cost American families more than $14 billion a year. The CFPB estimates that…
CFPB: Guidance Issued to Rein in Rigged Comparison-Shopping Results for Credit Cards and Other Financial Products
Manipulative advertisements and kickbacks undermine competition and can violate federal law The Consumer Financial Protection Bureau (CFPB) today issued a circular to law enforcement agencies and regulators explaining how companies operating comparison-shopping tools can break the law when they steer consumers to certain products or lenders because of kickbacks. Consumers use comparison-shopping tools to evaluate the costs,…
CFPB: Report Finds Credit Card Companies Charged Consumers Record-High $130 Billion in Interest and Fees in 2022
Consumers with revolving debts on average pay far more in interest and fees than get back in rewards The Consumer Financial Protection Bureau (CFPB) today released its biennial report to Congress on the consumer credit card market. The report found that in 2022 credit card companies charged consumers more than $105 billion in interest and…
CFPB: Interagency Inquiry Launched into Costly Credit Cards and Loans Provided to Patients for Health Care Costs
Public input will bolster agencies’ broad efforts to safeguard consumers against predatory medical debt and collections practices Today, the Consumer Financial Protection Bureau (CFPB), U.S. Department of Health and Human Services (HHS), and U.S. Department of Treasury (Treasury) launched an inquiry into high-cost specialty financial products, such as medical credit cards and installment loans, that…
CFPB: New Report Highlights Costly Credit Cards and Loans Provided to Medical Patients
Financial companies work with healthcare providers to sign patients up for specialty credit cards and other targeted financing products Today, the Consumer Financial Protection Bureau (CFPB) published a report on high-cost specialty financial products, such as medical credit cards, that are sold to patients as a way to alleviate the growing costs of medical care….
Interagency Statement on Completing the LIBOR Transition Issued
Sunset of LIBOR as reference rate for many financial products may pose risks to borrowers Today, the Consumer Financial Protection Bureau (CFPB) joined four other federal financial regulatory agencies, along with state bank and state credit union regulators, in issuing a statement that the use of United States Dollar LIBOR (USD LIBOR) panels will end…
Federal Reserve: Initial Findings from 2022 Triennial Payments Study Issued
The Federal Reserve on Friday issued initial findings from its 2022 triennial payments study. The information shows how consumers and businesses chose to make noncash payments, using checks, different types of cards, and the automated clearinghouse (ACH). Additional details will be available as analysis is completed. The data show that the average values of consumers’…
ABA: Credit Card Market Continued to Normalize in Third Quarter 2022
Consumers continued to effectively manage their credit obligations despite economic headwinds in the third quarter of 2022, according to the American Bankers Association’s latest quarterly Credit Card Market Monitor. The report found that the effective finance charge yield (which measures interest payments relative to total outstanding credit) increased, reflecting the Federal Reserve’s interest rate hikes…
CFPB: Tool Enhanced to Promote Competition and Comparison Shopping in Credit Card Market
Price transparency will help families find better credit card deals in a time of rising interest rates Today, the Consumer Financial Protection Bureau (CFPB) launched an improved survey of credit card issuers that can help consumers and families compare interest rates and other features when shopping for a new credit card. Americans pay $120 billion…
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