CFPB Proposed Rule for Proportional Late Fees
The CFPB announced a newly proposed rule aimed at ensuring that late fees charged on consumer credit card accounts are reasonable and proportional to late payments. If finalized, the proposed rule would amend Regulation Z, which implements the Truth in Lending Act, TILA.
Lending Act Consumer Financial Protection Bureau Late Fees Truth In Lending Act Afe Harbor Amount Egulation Z
Source: natlawreview.com