Credit Card Late Fees and Late Payments

Document 2022-15245 is a Proposed Rule published by the Consumer Financial Protection Bureau in the Federal Register on July 18, 2022, with an effective date of June 29, 2022. On June 22, 2022, the Consumer Financial Protection Bureau (Bureau or CFPB) issued an Advance Notice of Proposed Rulemaking (ANPR) requesting information regarding credit card late fees and late payments, and card issuers' revenue and expenses. The ANPR was published in the Federal Register on June 29, 2022, and provided for a comment period that was set to close on July 22, 2022. To allow interested persons more time to gather the requested information and submit their comments, the Bureau has determined that a 10-day extension of the comment period until August 1, 2022, is appropriate. View the original at https://www.federalregister.gov/documents/2022/07/18/2022-15245/credit-card-late-fees-and-late-payments.

No. Document 2022-15245 is not classified as economically significant under Executive Order 12866. Economically significant rules require OIRA review and are estimated to have impacts of $100 million or more per year.