Consumers with the lowest credit scores, who typically live in underprivileged zip codes, pay on average $300 per year in credit card late fees alone, the U.S. Consumer Financial Protection Bureau said.
The U.S. Consumer Financial Protection Bureau has formally begun a rulemaking process that could result in new regulations limiting what credit card companies can charge customers in late fees, the agency said Wednesday.
“Credit cards should be a safe, secure and fair source of small dollar credit, in part because Congress has codified a lot of safeguards into federal law that give people confidence,” CFPB Director Rohit Chopra told reporters at a press conference Wednesday. “Our effort is particularly timely given that the [current rules] allow credit card companies to hike late fees by the rate of inflation.”
The CFPB on Wednesday took the first step in amending these rules by publishing an advance notice of proposed rule making, asking that credit card issuers, consumer groups and the public weigh in to help the agency understand how late fees are set, whether they in fact deter late payments and if issuers are generating excess profits from them.
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