CFPB official seal. CFPB official seal. (Source: Shutterstock)

The CFPB’s credit card late fee proposed rule, which it announced on Feb. 1, is based on data and research the bureau has not released to the public – and credit union trade groups, among others, are demanding to see the data.

Officials with NAFCU and CUNA, along with the American Bankers Association, the Bank Policy Institute and the Consumer Bankers Association, sent a joint letter to the CFPB on Thursday to make their point clear concerning the bureau’s apparent reluctance to releasing its data that’s being used to formulate its credit card late fee proposal.

Michael Ogden

Editor-in-Chief for CU Times.

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