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.

More from this author

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.