CFPB finalizes rule cutting credit card late fees for major issuers to $8
The CFPB says the rule will reduce late fees for millions of cardholders and save consumers more than $10 billion a year once it takes effect.
Regulatory
CFPB proposes rule to curb overdraft fees at big banks
The CFPB proposed a rule to limit overdraft fees at very large banks and credit unions, saying it could save consumers billions of dollars a year.
CFPB says debt collectors often cannot charge pay-to-pay fees
The CFPB issued an advisory opinion saying many debt collectors cannot add convenience fees for phone or online payments.
New York DFS proposes rules for buy now, pay later lenders
DFS said the proposal would implement a state law signed by Gov. Kathy Hochul and add consumer protections for BNPL loans, including fee limits, dispute rules and data safeguards.
CFPB warns overdraft and check-deposit fees may violate federal law
The CFPB issued guidance saying some surprise overdraft fees and depositor fees are likely unfair and unlawful under existing law.
Massachusetts finalizes rules on hidden fees and price transparency
The Massachusetts attorney general’s office finalized new consumer protection rules focused on price transparency and hidden junk fees. The regulations take effect Sept. 2 and can be enforced under the state consumer protection law.
CFPB report says overdraft and NSF fees still hit many consumers
The CFPB said its latest report shows overdraft and NSF fees remain common for many households, and that the agency is continuing work on proposed rules tied to the fees.