By Lisa Gerstner From Kiplinger’s Personal Finance Failing to pay your credit card bill on time can result in a hefty fee. The amount varies by card, but under federal rules, issuers can currently charge up to $30 for the first late payment and up to $41 for subsequent late payments within six months. The…
White House Rule on Credit Card Late Fees Would Harm Consumers, Critics Warn
The Biden administration recently proposed a new rule that would slash credit card late fees “by 75 percent,” but critics argue this would harm consumers, including customers who pay their bills on time. The Consumer Financial Protection Bureau (CFPB), the federal government’s consumer protection watchdog, issued a measure to prohibit excessive credit card late fees….
US Consumer Watchdog Plans to Regulate ‘Buy-Now, Pay-Later’ Companies
The U.S. Consumer Financial Protection Bureau (CFPB) plans to start regulating “buy-now, pay-later” (BNPL) companies like Klarna and Affirm Holdings due to worries their fast-growing financing products are harming consumers, the agency said on Thursday. The watchdog, which does not currently oversee BNPL companies or products, will issue guidance or a rule to align sector…
Hyundai to Pay $19.2 Million for Widespread Credit-Reporting Failures: US Regulator
A U.S. regulator has ordered a Hyundai Motor Company affiliate to pay $19.2 million for repeatedly giving credit-reporting agencies inaccurate information about its customers, including that they were delinquent on loans and leases. Hyundai Capital America, which serves about 1.7 million drivers of Hyundai, Kia, and Genesis vehicles, agreed on Tuesday to pay a $6…
Consumer Financial Protection Gone Awry
Commentary The crises of recent years tend to erase from memory those that preceded them. One, as you may recall, was the financial collapse of 2008—a collapse deemed by many as the worst since the Great Depression. That collapse swept into power a government like the one we have now—the White House and both houses…
Consumer Watchdog Ups Pressure on Banks over Fees
NEW YORK—The consumer watchdog on Wednesday ramped up scrutiny of bank and credit card charges, seeking public comments about various “junk fees” consumers are charged by banks, from overdrafts to late fees. The Consumer Finance Protection Bureau (CFPB) says banks have grown reliant on overdraft fees, which contributed $15 billion of revenue in 2019, and…
Biden Picks Warren Allies to Head Financial Sector Oversight Agencies, SEC and CFPB
President-elect Joe Biden on Monday announced six additional picks for top administration posts, including two progressive allies of Sen. Elizabeth Warren (D-Mass.) for positions in financial sector oversight, in a move that suggests more aggressive regulation of big business. Biden has nominated a current member of the Federal Trade Commission (FTC), Rohit Chopra, to serve as…
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