CFPB Investigating Credit Card Late Fees And Penalties
Collection Industry News
JULY 25, 2022
However, there are federal laws that limit the fees that credit card companies can charge. Enacted in 2009, the Credit CARD act [4] limits how much lenders can charge for a late payment. However, the Consumer Financial Protection Bureau (CFPB) adjusts the amount each year to account for inflation. billion in fees.
Let's personalize your content