CFPB Rule Prohibiting Excessive Credit Card Late Charges Will Save Consumers Billions in Junk Fees
Advocates praised action taken by the CFPB to stop credit card lenders from raking in billions of dollars from excessive late fees.
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Advocates praised action taken by the CFPB to stop credit card lenders from raking in billions of dollars from excessive late fees.
Originally appearing in USA Today on November 1, 2023, Daniel de Visé talks to NCLC senior attorney Chi Chi Wu about rising credit card interest rates. “Yep. They can charge that much. Credit cards can actually charge whatever they want. It’s a little-known fact.” Chi Chi Wu, a senior attorney at the nonprofit National Consumer…
Appearing in Bloomberg Law on September 18, 2023, Evan Weinberger talks to Chi Chi Wu for a piece covering banks, debt collectors, and other companies response to the Consumer Financial Protection Bureau (CFPB) request for information on medical payment products.
Read More about Bloomberg Law: Banks Warn CFPB to Back Off on Scrutiny of Medical Credit Cards
Originally appearing in the New York Times on May 12, 2023, Ann Carrns looks at patients increasingly being offered special financing to cover medical treatments. Consumer advocates, including NCLC’s April Kuehnhoff, say it can turn out to be more costly than using conventional credit cards. Patients should consider other more affordable financing options, including loans…
Read More about The New York Times: More Options to Pay for Medical Care, but Some May Be Costly
A new article sets out 28 obligations of creditors, collectors, and merchants to provide information to consumers upon request or to retain consumer records for several years.
Consumer Advocates Strongly Support “Fair, Reasonable, and Proportional” Rule to Reduce Credit Card Late Fees WASHINGTON — Advocates with the National Consumer Law Center and eight other advocacy groups submitted comments today in response to the Consumer Financial Protection Bureau’s (CFPB) proposed rule limiting credit card late fees. The groups say the proposed rule will…
Read More about Consumer Bureau Proposes $8 ‘Safe Harbor’ on Credit Card Late Fees