Overdraft, credit card late fees on NCUA, CFPB rulemaking agendas

Federal agencies, including the NCUA and CFPB, have released their spring 2023 regulatory agendas. There are several NAFCU and credit union advocacy priorities included among the items, some of which have previously been introduced or included on previous rulemaking agendas.

Of note for the CFPB, the bureau anticipates publishing a final rule in October 2023 to amend its rules implementing the CARD Act related to penalty fees levied by card issuers, including the safe harbors for penalty fees. NAFCU has strongly opposed the bureau’s proposal to establish an $8 safe harbor credit card penalty fee limit, noting the negative impacts it will have on credit unions and their members.

 

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