From the Archives: April 2013

CFPB FINAL RULES: CFPB finalizes Credit Card Act Rule 

On March 22, the CFPB finalized an amendment to Regulation Z (which implements the Truth in Lending Act) to apply the limitation of the total amount of fees that a card issuer may require a consumer to pay with respect to a credit card account to 25% of the credit limit during the first year after account opening. Regulation Z previously stated that this limitation applied “prior to account opening and during the first year after account opening.”

The final rule is in response to a federal court ruling last year that had granted a preliminary injunction to block a part of the Federal Reserve Board’s 2011 rule from taking effect. The blocked part of the rule was the board’s amendment to extend the fee limitation of 25% of the account’s initial credit limit during the first year to also include fees incurred prior to the opening of the credit card account (such as an application fee).


Federal and State regulatory Issues

Previous Issues

Search Priority Report

MCUL Publications