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In both Lansing and Washington, D.C., MCUL is working alongside our partners at CUNA to make sure the voice of the credit union industry is heard. Through weekly updates, a year-long events schedule and countless grassroots events held throughout the state, MCUL is dedicated to continually educating legislators and regulators about the difference credit unions make, both here in Michigan and at the national level.

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MCUL Submits Comments on CFPB's Proposed Rule on Credit Card Penalty Fees

On May 3, MCUL submitted comments in response to the CFPB’s Proposed Rule on credit card penalty fees. As proposed, this rule would reduce the late payment safe harbor amount to $8 for all violations, from the current levels of $30 for first violations and $41 for subsequent late payments and it would reduce the fee allowance from 100% of the violation amount to 25% of the violation amount. 


Along with a majority of the industry, we oppose this proposed rule. Our letter to the CFPB includes the following discussions:

Read the full comments here.

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