Credit Card Penalty Fees (Regulation Z)
Abstract
The Consumer Financial Protection Bureau (CFPB or Bureau) amends Regulation Z, which implements the Truth in Lending Act (TILA), to address late fees charged by card issuers that together with their affiliates have one million or more open credit card accounts (referred to as "Larger Card Issuers" herein). This final rule adopts a late fee safe harbor threshold of $8 for those issuers and provides that the annual adjustments to reflect changes in the Consumer Price Index (CPI) do not apply to this $8 amount.
Federal Register Source
This document is published by the Office of the Federal Register, National Archives and Records Administration. Access the full regulatory text, preamble, and docket comments below.
View Full Text on FederalRegister.gov →Opens in new tab · federalregister.gov
Other Rules from CFPB
Frequently Asked Questions
What is the 2024-05011 Federal Register document?
Document 2024-05011 is a Final Rule published by the Consumer Financial Protection Bureau in the Federal Register on March 15, 2024, with an effective date of May 14, 2024. The Consumer Financial Protection Bureau (CFPB or Bureau) amends Regulation Z, which implements the Truth in Lending Act (TILA), to address late fees charged by card issuers that together with their affiliates have one million or more open credit card accounts (referred to as "Larger Card Issuers" herein). This final rule adopts a late fee safe harbor threshold of $8 for those issuers and provides that the annual adjustments to reflect changes in the Consumer Price Index (CPI) do not apply to this $8 amount. View the original at https://www.federalregister.gov/documents/2024/03/15/2024-05011/credit-card-penalty-fees-regulation-z.
Is document 2024-05011 an economically significant rule?
No. Document 2024-05011 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.