United States: CFPB Proposes Rule To Amend Regulation Z Credit Card Late Fees - Goodwin Procter LLP

On February 1, 2023, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule with request for public comment to amend Regulation Z, the implementing regulation of the Truth in Lending Act (TILA), to "better ensure that the late fees charged on credit card accounts are ‘reasonable and proportional' to the late payment as required under TILA."