The Consumer Financial Protection Bureau (CFPB) has announced its intention to investigate credit card company penalty policies, including late fees, which it said costs consumers $12 billion each year.
The bureau published an Advance Notice of Proposed Rulemaking soliciting information on the Federal Reserve Board of Governors’ 2010 immunity provision for excessive late fees that allows credit card companies to avoid enforcement scrutiny.
Read on to learn more.
TO READ THE FULL STORY
Cover Story: