The Credit Card Fairness Act aims to cap late fees charged by major credit card companies. Under the bill, large credit card issuers (those with 1 million or more open accounts) would be prohibited from charging late fees exceeding $8 per violation, with fees limited to the actual costs incurred by the company rather than used for profit. The Consumer Financial Protection Bureau can adjust this $8 cap annually based on inflation, but only by the rate of increase in the Consumer Price Index. The bill essentially codifies an earlier regulatory rule on late fees and requires the Bureau to conduct transparent rulemaking, with any legal challenges to the rule filed in federal court in Washington, D.C. This legislation primarily affects credit card companies and their customers who incur late payment charges.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.