The National Consumer Law Center (NCLC) (on behalf of its low-income clients), Americans for Financial Reform Education Fund, American Economic Liberties Project, Consumer Action, Consumer Federation of America, Demand Progress Education Fund, Local Initiatives Support Corporation (LISC), National Community Reinvestment Coalition, and Tzedek DC submitted comments in response to the Consumer Financial Protection Bureau’s (CFPB or Bureau) Notice of Proposed Rulemaking (NPRM) on Credit Card Late Fees and Late Payments.
The groups strongly support the proposed rule and thank the CFPB for proposing such an impactful and beneficial regulation for credit card late fees. This rule, when adopted, will save consumers billions of dollars each year in late fees, putting that hard-earned money back in their pockets.
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