anonymous

CFPB Extends RFI on Credit Card Fees and Late Payments

credit card feesThe CFPB has set its sights on credit card fees, particularly for late payments, in a comment request now due Aug. 1.

07/26/2022 11:15 A.M.

2 minute read

The Consumer Financial Protection Bureau’s recent advance notice of proposed rulemaking (ANPR) to examine credit card fees has been extended for comments through Aug. 1.

“The ANPR was published [in] the Federal Register on June 29, 2022, and provided for a comment period that was set to close on July 22, 2022. To allow interested persons more time to gather the requested information and submit their comments, the [b]ureau has determined that a 10-day extension of the comment period until August 1, 2022, is appropriate,” the CFPB said in the Federal Register post.

This spring, the bureau completed a request for information (RFI) regarding fees related to consumer financial products or “junk fees,” ACA International previously reported.

In that RFI, the CFPB notes that in 2017, “after observing many abuses,” it issued a Compliance Bulletin on unfair, deceptive, and abusive acts or practices related to fees for making payments over the phone, and potential violations of the Fair Debt Collection Practices Act. The RFI states, “These kinds of convenience fees are still common.”

Now, while the CFPB processes comments on the “junk fees,” it is “seeking data about credit card late fees and late payments, assessing whether those fees are ‘reasonable and proportional,’” according to a news release on the ANPR. “We are also seeking data about card issuers’ revenue and expenses, the potential deterrent effect of late fees, and the role late fees play in credit card companies’ profitability,” the bureau reports.

Here are the options to submit comments on the credit card fees RFI before Aug. 1:

  • Use Docket No. CFPB-2022-0039 to file comments on the Federal eRulemaking Portal: http://www.regulations.gov. Follow the instructions for submitting comments.
  • Email [email protected] and include Docket No. CFPB-2022- 0039 in the subject line of the message.
  • Mail/Hand Delivery/Courier: Comment Intake—Credit Card Late Fees, Consumer Financial Protection Bureau, 1700 G Street, NW, Washington, D.C. 20552. Please note that due to circumstances associated with the COVID-19 pandemic, the bureau discourages the submission of comments by hand delivery, mail or courier.

ACA is reviewing the ANPR for any impact on the accounts receivable management industry, ACA previously reported. To connect with a member of ACA’s advocacy team with feedback about the CFPB’s focus on fees, email [email protected].

Related Content from ACA International:

ACA Issues Clarifying Comments to CFPB on ARM Industry’s Use of Fees

House Financial Services GOP Concerned About ‘Regulatory Overreach’ in CFPB’s RFI on Fees

If you have executive leadership updates or other member news to share with ACA, contact our communications department at [email protected]. View our publications page for more information and our news submission guidelines here.

If you have executive leadership updates or other member news to share with ACA, contact our communications department at [email protected]. View our publications page for more information and our news submission guidelines here.

Advertisement

Benchmarking

Advertisement

SearchPoint
One moment please...

Share Profile

This site uses cookies. By continuing to use our site, you are agreeing to our use of cookies. Review our Privacy Policy for more information. You may change your preferences on how cookies are stored by reviewing the settings on your browser.

The content on this site is presented for educational, general reference, and informational purposes only; is not intended to serve as legal or other advice; is not intended to be a full and exhaustive explanation of the law in any area; and should not replace the advice of your own legal counsel. By continuing to use our site, you are agreeing to the legal disclaimers in our Terms of Use. Review our Terms of Use for more information.

Friendly Reminder

Get continued access to ACA International’s wide array of resources, which can help you become more profitable, compliant and successful.

Renew your membership today to take advantage of tools you won’t find anywhere else:

  • Discounts on seminars, products, services and events
  • Resources to strengthen your compliance department
  • Industry-specific risk management products and services
  • Participation in ACA’s online community, The Hub
    Members-only website content
  • Professional development and training opportunities, and so much more!

If you have completed your renewal, please disregard this reminder.