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Consumer Bureau Proposes $8 ‘Safe Harbor’ on Credit Card Late Fees

May 3, 2023

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…

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Advocates Praise CFPB for Rescinding Harmful Policies that Weakened Consumer Protections

March 31, 2021

FOR IMMEDIATE RELEASE: March 31, 2021 Washington, D.C. – Advocates applauded today’s announcement by the CFPB that it has rescinded several temporary policy statements issued last year that weakened consumer protection by giving financial service industries unnecessary “flexibility” not to comply with consumer protection laws, including laws governing credit cards and prepaid cards, home mortgages,…

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Consumer Advocates Criticize Credit Card “Relief” from CFPB and Warn Consumers to Avoid Unwanted Electronic Statements

June 4, 2020

Washington, D.C. – Under the guise of allowing “relief” to consumers during the COVID-19 pandemic, the Consumer Financial Protection Bureau (CFPB) issued guidance yesterday that will undermine critical consumer protections in federal law that ensure that consumers receive important disclosures about credit card transactions in writing. The guidance, supposedly issued to provide consumers relief to…

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Beware Holiday Shoppers: Deferred Interest Promotions Promise No Interest Now, but Can Cost Big Bucks Later

November 13, 2019

Boston – As Black Friday approaches, the National Consumer Law Center warns holiday shoppers of a lurking danger in the local mall, big box store or online: deferred interest promotions on credit cards. These promotions entice consumers with promises such as “no interest for 12 months” or “0% interest until December 2020,” but there is…

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Beware Holiday Shoppers: Deferred Interest Promotions Promise No Interest Now, but Can Cost Big Bucks Later

November 15, 2018

Download NCLC infographic of big ticket holiday gifts’ cost at time of purchase and with deferred interest: https://www.nclc.org/resources/dont-let-deferred-interest-ruin-your-holidays/ Boston – As Black Friday approaches, the National Consumer Law Center warns holiday shoppers of a lurking danger in the local mall, big box store or online: deferred interest promotions on credit cards. These promotions entice consumers with…

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Credit Card Protections Take Effect Feb. 22 But Loopholes and Abuses Persist

February 17, 2010

Financial Watchdog Needed; Advice to Consumers On Monday, February 22, the long-awaited – and long-needed – protections of the Credit Card Accountability, Responsibility and Disclosure (CARD) Act go into effect. The Credit CARD Act, passed in May of last year, puts an end to some of the worst abuses by credit card companies. Even after…

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Consumer Bureau Proposes $8 ‘Safe Harbor’ on Credit Card Late Fees

Advocates Praise CFPB for Rescinding Harmful Policies that Weakened Consumer Protections

Consumer Advocates Criticize Credit Card “Relief” from CFPB and Warn Consumers to Avoid Unwanted Electronic Statements

Beware Holiday Shoppers: Deferred Interest Promotions Promise No Interest Now, but Can Cost Big Bucks Later

Beware Holiday Shoppers: Deferred Interest Promotions Promise No Interest Now, but Can Cost Big Bucks Later

Credit Card Protections Take Effect Feb. 22 But Loopholes and Abuses Persist