WASHINGTON, D.C. — U.S. Chamber of Commerce Executive Vice President, Chief Policy Officer, and Head of Strategic Advocacy Neil Bradley issued the following statement regarding the new Consumer Financial Protection Bureau (CFPB) credit card late fees rule that will limit access to affordable consumer credit.
“Once again, the Consumer Financial Protection Bureau has exceeded its authority. The agency’s final credit card late fee rule punishes Americans who pay their credit card bills on time by forcing them to pay for those who don’t. This will result in fewer card offerings and limit access to affordable credit for many consumers. The Chamber will be filing a lawsuit against the agency imminently to prevent this misguided and harmful rule from going into effect.”
