The Chamber of Commerce, the American Bankers Association, the Consumer Bankers Association and two Texas business groups challenged the CFPB on the recently adopted final rule restricting credit card penalty fees.
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The Consumer Financial Protection Bureau issued a final rule to restrict credit card late fees, which marks the latest expansion of the Biden Administration’s "junk fee" initiative.
The CFPB warned that operators of digital comparison-shopping tools or lead generators may be in violation of the Consumer Financial Protection Act if they give preference to products or services based on financial or other benefits provided to the tool operator.
The CFPB proposed a rule to prohibit covered financial institutions from charging fees, such as nonsufficient funds fees, when consumers initiate payment transactions that are instantaneously declined.
The CFPB proposed revisions to overdraft lending rules to ensure that consumer credit protections apply to overdraft credit provided by very large financial institutions. The CFPB stated that the proposal would save consumers "billions each year in junk fees."