Chris Willis, Josh McBeain, and Glen Trudel discuss the recent final credit card late fee rule issued by the Consumer Financial Protection Bureau (CFPB) and the industry's reaction to it.
In this special crossover edition of Payments Pros and The Consumer Finance Podcast, Chris Willis is joined by Josh McBeain and Glen Trudel. They discuss the recent final credit card late fee rule issued by the Consumer Financial Protection Bureau (CFPB) and the industry's reaction to it. The rule lowers the safe harbor provision dollar amount for late fees to $8 for large credit card issuers and increases it for small issuers. The team also discusses the legal challenge filed against the rule by a collective of trade groups. They speculate on potential industry responses if the rule survives legal challenges, such as increasing APRs, creating new fees, raising minimum payments, and tightening credit.
Payments Pros – The Payments Law Podcast: The CFPB’s Final Credit Card Late Fee Rule: Implications and Industry Response — Crossover with The Consumer Finance Podcast
Hosts: Josh McBeain and Chris Willis
Guest: Glen Trudel
Date Aired: March 21, 2024
Josh McBeain:
This is a special crossover episode of Payments Pros with The Consumer Finance Podcast. I am joined by Chris Willis to discuss the CFPB's final credit card late fee rule. We hope you enjoy.
Chris Willis:
Welcome to this special crossover edition of The Consumer Finance Podcast and the Payments Pros podcast. I'm Chris Willis, the co-leader of Troutman Pepper’s Consumer Financial Services Regulatory Practice, and Josh McBeain, who's one of the co-hosts of Payments Pros is joining me today to talk about the CFPB’s final credit card late fee rule and the industry's reaction to it, which is breaking news that we really want to talk to you about.
But before we jump into that topic, let me remind you to visit and subscribe to our blogs, TroutmanPepperFinancialServices.com and ConsumerFinancialServicesLawMonitor.com. Don't forget about our other podcasts. In addition to this podcast and Payments Pros, we also have the FCRA Focus, all about credit reporting. We have Unauthorized Access, which is our privacy and data security podcast. And we have The Crypto Exchange, about all things crypto. Those are available on all popular podcast platforms.
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Chris Willis:
Now, as I said, we're going to be talking today about the CFPB’s final credit card late fee rule, which just came out at the beginning of March. Joining me, as I said, is Josh McBeain, who's the co-host of Troutman Pepper’s Payments Pros