CFPB FINALIZES CREDIT CARD LATE FEE RULE, SLASHING LATE FEE SAFE HARBOR

Over a year after the issuance of a notice of proposed rulemaking to amend the Regulation Z safe harbor for credit card late fees, the Consumer Financial Protection Bureau (“CFPB”) announced the final rule to slash the credit card late fee safe harbor from its current rate of $30 for the first violation and $41 thereafter to a flat $8 late fee for card issuers with more than 1 million open accounts.
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