This round of jurisdictional ping pong goes to the CFPB. A federal judge in Texas has bounced a lawsuit challenging the consumer protection agency’s credit card late fees cap back to Washington, D.C, Reuters reported Tuesday (May 28). U.S. District Judge Mark Pittman in Fort...
The government’s new rule that would limit credit card late fees has been blocked by a federal judge in Texas. In a Friday (May 10) decision, Judge Mark Pittman of the U.S. District Court for the Northern District granted an injunction that halts the restrictions. ...
Capital One’s first quarter results showed consumers continue to spend on their cards — and management touted the benefits of the proposed $35 billion buyout of Discover Financial Services. Purchase volume on its cards was up 6% year over year to $146.6 billion, but was...
Synchrony Financial reported its Q1 earnings Wednesday (April 24), showing broad-based growth throughout its lending and credit platforms, continued momentum in consumer spending and some concern over a decrease in revenue from the upcoming Consumer Financial Protection Bureau (CFPB) late fee ruling. Synchrony CEO Brian...
February 01, 2023
The Biden administration’s targeting of credit card late fees may lead to unintended consequences. Among those consequences: Stifling consumers’ embrace of banks’ innovations designed to avoid late payments in the first place. Those innovations include digital reminders and grace periods that are designed to keep payments timely. As reported Wednesday, a rule being put forward through […]
September 16, 2019
Perhaps everyone’s worst nightmare came true for 250,000 employees of 4,000-5,000 small businesses over Labor Day weekend: Payday came, and paychecks didn’t. In fact, it was much worse. In some cases,...
April 12, 2017
In February 2013, Max Levchin launched Affirm — a point-of-sale (POS) lender that would provide creditworthy millennials, who lacked credit cards and credit scores, the ability to buy and finance items...
October 07, 2024
Credit card issuers reportedly have been raising interest rates on the cards and adding new fees to make up for revenue they may lose from a cap on late fees. These moves have contributed to the average credit card interest rate being near the highest level seen in Federal Reserve data that goes back to […]
May 29, 2024
This round of jurisdictional ping pong goes to the CFPB. A federal judge in Texas has bounced a lawsuit challenging the consumer protection agency’s credit card late fees cap back...
May 10, 2024
The government’s new rule that would limit credit card late fees has been blocked by a federal judge in Texas. In a Friday (May 10) decision, Judge Mark Pittman of...
April 18, 2024
A judge in the banking industry/CFPB legal battle can remain on the case. That’s according to a ruling — made public Thursday (April 18) by Reuters — by a judicial ethics panel,...
