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MCUL Newsroom

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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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