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CFPB Revises Credit Card Fee Rule

Posted on 3/25/2013

The CFPB issued a final rule on Friday stating that the 2009 Credit Card Act's limits on fees apply only during the first year after an account is opened.

The rule reverses a previous Federal Reserve interpretation that stated that the law's provisions limiting fees a card issuer can charge to 25 percent of the account's credit limit when first opened also applied to fees charged prior to account opening.

A card issuer had challenged that interpretation, and a federal court subsequently blocked that portion of the rule from taking effect.

To read the final rule visit: http://files.consumerfinance.gov/f/201303_cfpb_final-rule_regulation-z-amendment.pdf



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