The American Bankers Association and several other trade groups last week requested a 60-day extension to the comment period for the CFPB’s unexpected advance notice of proposed rulemaking on credit card late fees and late payments.
CFPB Director Rohit Chopra today announced an advance notice of proposed rulemaking focusing on credit card late fees.
The cost of existing credit card debt continues to rise as the Federal Reserve has increased interest rates this year—so far, by $4.9 billion, according to a recent WalletHub survey.
Consumers paid down $13.2 billion in credit card debt in the first quarter of 2022,…
Most customers are dissatisfied with their credit card mobile apps and online options, according to recent studies by J.D. Power. Overall satisfaction with most digital channels has declined as usage has increased.
Lending standards for business loans remained largely unchanged in the first quarter of 2022, according to the Federal Reserve’s senior loan officer opinion survey released today.
In a sign of continuing U.S. consumer strength, monthly credit card purchase volumes rose across risk tiers in last year’s fourth quarter, the third consecutive increase, according to ABA’s latest Credit Card Market Monitor.
At a Senate Judiciary Committee hearing, banking, credit card industry representatives and some lawmakers pushed back against proposals to expand interchange regulation to credit cards, arguing that the existing interchange fee limits imposed by the Durbin amendment more than a decade ago are hurting consumers.
The CFPB issued a “Supervisory Highlights” report focusing on recent examiner observations of several financial products.
A look at the card market shows robust competition among card networks and issuers.