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- Title
Setting Reasonable and Proportional Credit Card Late Fees: Easier Said than Done.
- Authors
BERGER, SETH W.
- Abstract
This article examines the concept of reasonableness in credit card late fees and the proposed changes by the Consumer Financial Protection Bureau (CFPB). The CFPB is considering lowering the maximum late fee to $8 and decreasing the maximum late fee under the "backstop" provision. The article discusses the meaning of "reasonable and proportional" and factors that should be considered when determining late fees. It also explores alternative deterrence methods and the potential impact on consumers and credit card issuers. The document emphasizes the complexity of determining reasonable and proportional late fees and the importance of the Bureau's decision-making process.
- Subjects
CHEVRON USA Inc. v. Natural Resources Defense Council Inc.; CREDIT card fees; TUITION; DODD-Frank Wall Street Reform &; Consumer Protection Act
- Publication
North Carolina School Banking Institute Journal, 2024, Vol 28, Issue 1, p203
- ISSN
1096-7249
- Publication type
Article