The Consumer Financial Protection Bureau (CFPB) amended
Regulation Z, which implements the Truth in Lending Act, to address
late fees charged by card issuers that together with their affiliates
have one million or more open credit card accounts. This final rule
adopts a late fee safe harbor threshold of $8 for those issuers and
provides that the annual adjustments to reflect changes in the Consumer
Price Index do not apply to this $8 amount. The final rule is effective
May 14, 2024 (Consumer Financial Protection Bureau,
Regulation Z, Docket CFPB–2023–0010) and was published in
the
Federal Register on March 15, 2024.
