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CFPB Finalizes Rule Significantly Restricting Credit Card Late Fees

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Manage episode 411960603 series 2733763
Content provided by Mayer Brown. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Mayer Brown or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

On March 5, the Consumer Financial Protection Bureau issued a Final Rule that would significantly restrict late fees that consumer credit card issuers may charge to a mere $8—representing approximately a 75% reduction from current levels. Within two days, the Final Rule faced a challenge in the Northern District of Texas by a coalition of trade groups including the United States Chamber of Commerce, the American Bankers Association, and the Consumer Bankers Association. The challenge seeks to invalidate the Final Rule on several constitutional, procedural, and substantive bases, as well as a temporary stay of the rule’s enforcement while the suit is litigated. Please join Mayer Brown attorneys Eric Mitzenmacher, Jan Stewart, and Joy Tsai as they discuss the rulemaking, the challenges it faces in litigation, and implications for card issuers and secondary market participants.

  continue reading

101 episodes

Artwork
iconShare
 
Manage episode 411960603 series 2733763
Content provided by Mayer Brown. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Mayer Brown or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

On March 5, the Consumer Financial Protection Bureau issued a Final Rule that would significantly restrict late fees that consumer credit card issuers may charge to a mere $8—representing approximately a 75% reduction from current levels. Within two days, the Final Rule faced a challenge in the Northern District of Texas by a coalition of trade groups including the United States Chamber of Commerce, the American Bankers Association, and the Consumer Bankers Association. The challenge seeks to invalidate the Final Rule on several constitutional, procedural, and substantive bases, as well as a temporary stay of the rule’s enforcement while the suit is litigated. Please join Mayer Brown attorneys Eric Mitzenmacher, Jan Stewart, and Joy Tsai as they discuss the rulemaking, the challenges it faces in litigation, and implications for card issuers and secondary market participants.

  continue reading

101 episodes

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