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

Wednesday’s due date for comments concerning the CFPB’s proposed rule to lower current safe harbor limits related to credit card late fees brought out numerous credit union and other industry leaders, who loudly voiced their opposition to such changes.

Since early February, officials with CUNA and NAFCU have consistently raised alarms to its members over the bureau’s proposal to “curb excessive credit card late fees,” warning the changes could severely damage lower-asset-sized credit unions’ ability to provide credit card services, especially to small businesses and lower-income members.

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Michael Ogden

Editor-in-Chief for CU Times.

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