rules-policy final-rules credit-card-penalty-fees-final-rule 
Troutman Sanders
JANUARY 25, 2023
Bankers are opposing any effort by the Consumer Financial Protection Bureau (CFPB or Bureau) to reduce or eliminate the late fee safe harbor, citing a potentially significant adverse impact on community banks and credit unions. In 2010, the safe harbor limit on late fees was $25 for the first late payment.
Troutman Sanders
OCTOBER 30, 2023
The FTC’s Safeguards Rule requires nonbanking financial institutions, such as mortgage brokers, motor vehicle dealers, and payday lenders, to develop, implement, and maintain a comprehensive security program to keep their customers’ information safe. For more information, click here. For more information, click here.
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Troutman Sanders
SEPTEMBER 18, 2023
The FTC sent Notices of Penalty Offenses that warn recipients they could incur civil penalties of up to $50,120 per violation if they misuse personal data in ways that run counter to the original purpose for which this information was collected. The bureau asserts that these fees can create a high cost of credit.
Troutman Sanders
FEBRUARY 26, 2024
On February 23, the Federal Trade Commission (FTC) announced that it finalized an order with Global Tel*Link Corp. Lejilex, planning to launch a new digital asset trading platform, and CFAT, an advocate for responsible crypto policy, claim the SEC’s approach hinders proper regulation of digital assets. For more information, click here.
Troutman Sanders
FEBRUARY 21, 2024
The updated rule broadens the CFPB officials eligible to evaluate appeals, the options for resolving an appeal, the matters subject to appeal, and makes additional clarifying changes. On February 16, the CFPB reported on the first set of results from the newly updated Terms of Credit Card Plans survey. economy.
Collection Industry News
MAY 16, 2022
On April 29, the CFPB filed a proposed order in federal court seeking final judgment against three California-based defendants for engaging in unlawful fee-charging practices and deceptive telemarketing. The CEO would also be require to pay a civil monetary penalty of $30,000. The respondents agreed to repay consumers $8.7
Credit Corp
JUNE 1, 2023
This is advantageous because it can help you avoid missed payments, late payments, and fees by knowing when you can expect money in your account. How to Make ACH Transfers Faster Can ACH Transfers Hurt My Credit Score? Step two: Choose whether you want to do an ACH credit or ACH debit. How much Do ACH Transfers Cost?
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