Advocacy Submits Comments on the Consumer Financial Protection Bureau’s Proposed Rule on Credit Card Penalty Fees

On May 3, 2023, the Office of Advocacy submitted comments on the Consumer Financial Protection Bureau’s notice of proposed rulemaking on Credit Card Penalty Fees. The proposed rulemaking would adjust the safe harbor dollar amount for late fees to $8 and eliminate a higher safe harbor dollar amount for late fees for subsequent violations of the same type.

For more, read the public comment letter and fact sheet, which highlights Advocacy’s concerns and recommendations.