CFPB Tells Large Credit Card Issuers to Get in Line With TILA
The CFPB issued a final rule to address late fees charged by “larger card issuers”—credit card issuers that together with their affiliates have one million or more open credit card accounts—to ensure compliance with the Truth in Lending Act’s (TILA) reasonable fee requirements. The final rule adopts a late fee safe harbor threshold of $8,…