“The CFPB’s proposed rule on credit card late fees on its face may be about saving consumers money, but it amounts to financial chaos – ultimately sacrificing access to safe, affordable credit for millions of Americans who rely on it to afford daily life. Cutting protections for credit card providers will price smaller, community-based financial institutions like credit unions out of the market. With this rulemaking, the bureau is ignoring its statutory mandated safeguard to protect small institutions and NAFCU’s call to follow the law by conducting a SBREFA panel to analyze its impact. The consumers credit unions serve, many in low-income and underserved populations, will have reduced access to credit as a result. In addition, institutions will likely be forced to raise the price of checking and savings accounts or other loan products and reduce the benefits of other financial programs. This proposed rule, if finalized in its current form, will hit Americans hard.”
- NAFCU President and CEO Dan Berger
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Author: Mike Lawson
Married to a most gorgeous and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.