CFPB headquarters. CFPB headquarters. (Source: Shutterstock)

Since early February, officials with CUNA and NAFCU have raised alarms over a proposal by the CFPB to “curb excessive credit card late fees.” As Wednesday’s deadline approaches for public comments on the proposal, credit union leaders said they are finalizing their official comment letters objecting to the bureau’s “unnecessary” move to change credit card fee structures in a way that could severely damage credit unions, especially the smaller lenders.

Details of the CFPB’s proposed rule include the following:

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Michael Ogden

Editor-in-Chief for CU Times.

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