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Regulation Z Late Fees Financial Institutions

Sheppard Mullin Richter & Hampton LLP

CFPB Late Fee Rule Vacated by Texas Federal Court 

On April 15, Judge Mark T. Pittman of the U.S. District Court for the Northern District of Texas entered an Order and Final Judgement vacating the CFPB’s 2024 credit card late fee rule (previously discussed here) for...more

Ballard Spahr LLP

FTC provides annual report to CFPB regarding activities in 2023 under consumer financial services laws

Ballard Spahr LLP on

On May 20, 2004, the Federal Trade Commission (“FTC”) sent its annual report to the Consumer Financial Protection Bureau (“CFPB”) highlighting its enforcement actions and initiatives in 2023 under the Truth in Lending Act...more

Ballard Spahr LLP

Operational impacts of the new CFPB Credit Card Late Fee Rule

Ballard Spahr LLP on

On March 5, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued its final credit card late fee rule (the “Final Rule”), which, amongst other things, significantly reduces the late fee safe harbor cap for issuers...more

Ballard Spahr LLP

The Once and Future Rule: How the CFPB’s Credit Card Late Fee Rule Compares to Regulation Z and the Previously Proposed Rule

Ballard Spahr LLP on

On March 5, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued its final credit card late fee rule (the “Final Rule”). The timing for publication of the final rule was widely perceived as coordinated with the...more

Cooley LLP

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

Cooley LLP on

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

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

Ballard Spahr LLP

CFPB Issues Biennial CARD Act Report to Congress

Ballard Spahr LLP on

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

Bilzin Sumberg

Financial Institutions Voice Strong Opposition to CFPB’s Credit Card Late Fee Proposal

Bilzin Sumberg on

In February, the Consumer Financial Protection Bureau (CFPB) proposed amending the Federal Reserve Board’s Regulation Z with respect to the amount of fees that credit card issuers are permitted to charge their customers for...more

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