Payments News

Regulation

U.S. Consumer Watchdog to Review ‘Excessive’ Credit Card Late Payment Fees

“The top U.S. consumer watchdog on Wednesday said it had begun a review of “excessive” credit card fees and asked card issuers for data on revenue and expenses in a bid to stamp out abuses and boost competition. The advanced notice of proposed rulemaking issued by the Consumer Financial Protection Bureau (CFPB) confirms a Reuters April report that the agency would scrutinize credit card fees as part of a broader crackdown on what it calls “junk fees,” a catch-all for overdraft, credit card late-payment fees, bounced check fees, and other charges.”