Released: March 28, 2013
Consumer bureau eases limits on subprime credit card fees
Source: Megan Wilson, The Hill
The Consumer Financial Protection Bureau is scaling back rules on credit card fees in order to dodge a court battle with the financial industry.
In 2011, the Consumer Financial Protection Bureau (CFPB) took over certain oversight duties from the Federal Reserve, including the authority to issue Truth in Lending Act regulations. As that transition was under way, a South Dakota-based bank, First Premier Bank, sued the Fed and claimed the regulator acted outside of legal bounds when writing rules for credit card fees.
Read Full Article: Consumer bureau eases limits on subprime credit card fees
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