CUNA requests extension of credit card late fee proposal comment deadline
CUNA joined other financial services trade organizations Monday in making a second request that the Consumer Financial Protection Bureau (CFPB) extend the deadline for its proposed rule on credit card late fees. The organizations previously requested the extension in February, citing the unexpected amendments to Regulation Z, and the CFPB has not responded.
The organizations request an extension to June 18, 45 days past the current May 3 deadline.
“As stated in our February 28, 2023, comment deadline extension request, the NPRM proposes, and requests comment on, novel and unanticipated amendments to Regulation Z, including for example a late payment fee cap of 25% of the minimum periodic payment,” the letter reads. “The proposed amendments would affect provisions of Regulation Z that have not been substantively amended since 2010.”
The organizations note determining the impact of the proposal—particularly to quantify the impact on consumer cardholders and smaller issuers–requires time, especially since the CFPB calls for commenters to provide data, while citing the failure of industry to provide data to the process.
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