Synchrony's Planned Rate Hike Unjustified, Advocates Say
Consumer advocates question what is driving higher rates and defend the new late fee rule by the CFPB.
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Letter Opposing Efforts to Overturn Credit Card Late Fees Rule
NCLC was among 90 national, state, and local organizations that sent a letter to Congress strongly opposing any attempts by lawmakers to overturn the Consumer Financial Protection Bureau’s (CFPB) finalized rule on credit card late fees. Overturning the rule would result in higher credit card fees for working families. The rule is a critical step…
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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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Letter to President Biden and CFPB Supporting Lower Credit Card Late Fees
President Joe BidenThe White House1600 Pennsylvania AvenueWashington DC 20500 Mr. Rohit Chopra, DirectorConsumer Financial Protection Bureau1700 G St. NWWashington, DC 20552 Ms. Lael Brainard, DirectorMr. Michael Negron, Special Assistant to the President for Economic PolicyNational Economic Council1600 Pennsylvania Avenue NWWashington, DC 20500 Dear President Biden, Director Chopra, Director Brainard and Special Assistant Negron, The undersigned…
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USA Today: Interest rates on some retail credit cards climb to record 33%. Can they even do that?
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…
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Bloomberg Law: Banks Warn CFPB to Back Off on Scrutiny of Medical Credit Cards
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.
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