The Consumer Financial Protection Bureau announced this week that it is requiring many credit card issuers to report more details about the types of credit card plans they offer on a CFPB survey, with the goal of creating a website for consumers to compare card offerings.
A guest column in the New York Times claiming credit card points are being paid for by the poor is not supported by the evidence, American Bankers Association President and CEO Rob Nichols said in a recent letter to the editor appearing in the newspaper.
The American Bankers Association and four banking and credit union associations this week urged the CFPB to release the data underlying its proposed rulemaking on credit card penalty fees, saying the agency has failed to be transparent about its justification for the changes.
A proposal by the CFPB to limit credit card late fees would have negative economic consequences for consumers and the agency needs to explain the process it used to draft the rule, Rep. Andy Barr (R-Ky.), House Financial Services Committee Chairman Patrick McHenry (R-N.C.) and 16 House Republicans said this week in a letter to the agency.
The American Bankers Association and six banking and credit union associations this week requested that the CFPB extend by at least 60 days the comment period for a proposed rulemaking on credit card penalty fees.
U.S. card skimming grew by nearly 500% in 2022 and is showing signs it will grow even faster this year, according to a recent analysis by credit scoring services firm FICO.
In his State of the Union address tonight, President Biden highlighted his administration’s proposals to place price controls on consumer fees, including fees charged by banks for late payments.
Consumers are continuing to look to credit to ease the financial pressures of high inflation and rising interest rates, according to the recently released Q4 2022 Quarterly Credit Industry Insights Report by TransUnion.
Inflation is driving down small business satisfaction with payment processing solutions, according to a new survey on merchant services satisfaction by J.D. Power.
The Consumer Financial Protection Bureau this week announced it would seek to curb what it called “excessive credit card late fees” through new rulemaking.