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Nearly a week apart, two lawmakers introduced bills in the U.S. Senate and House of Representatives as an attempt to nullify the CFPB's recent final rule that dropped typical credit card late fees of $32 and capped them at $8.
The rule, which was finalized in March, is now being challenged in the Senate as Sen. Tim Scott (R-S.C.) introduced his version of the "Resolution of Disapproval for the Consumer Financial Protection Bureau's Credit Card Late Fee Rule" on Monday. This is a similar bill to one that was introduced late last month in the House by Rep. Andy Barr (R-Ky.).
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
