Compliance & Regulatory Updates: March 6, 2024

CFPB Final Rule on Credit Card Late Fees: On March 5, the Consumer Financial Protection Bureau (CFPB) finalized its rule against excessive credit card late fees lowering the typical fee from $32 to $8 while eliminating the 2009 CARD Act immunity provision for automatic inflation adjustments for issuers that have 1 million or more open accounts. 

Chair Harper on Overreliance of Overdraft and NSF Fees: On March 4, NCUA Chair Todd Harper wrote an op-ed in the Credit Union Times comparing credit union overreliance on NSF fees with the demise of Blockbuster Video and the eventual rise of Netflix. 

FHFA Announces Implementation Schedule for Enterprise Credit Score: On February 29, the Federal Housing Finance Agency (FHFA) announced updates to the implementation of new credit score requirements for single-family loans acquired by Fannie Mae and Freddie Mac (the Enterprises). 

​CFPB Issues Guidance on Rigged Comparison-Shopping for Credit Cards: On February 29, the Consumer Financial Protection Bureau (CFPB) issued a circular to law enforcement agencies and regulators explaining how companies operating comparison-shopping tools can break the law when they steer consumers to certain products or lenders because of kickbacks.

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