Banking Groups Warn CFPB of Adverse Impact on Small Banks of Proposed Elimination of Late Fee Safe Harbor, Request SBREFA Panel
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.
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