Compliance Blog discusses credit card late fees rule, TCPA consent revocation 

America’s Credit Unions keeps credit unions informed with new posts on the Compliance Blog, published every Tuesday and Thursday.   

Here’s a look at what’s new on the blog:   

CFPB Limits Credit Card Late Fees: This post highlights the CFPB’s final rule to limit credit card late fees. The rule “would limit those safe harbor amounts to just $8. When using the safe harbor, the limit for late payment fees would be $8, regardless of whether it is the first late payment or a subsequent late payment. Additionally, the $8 limit will not be adjusted annually.” The final rule goes into effect May 14, 2024.

TCPA Consent Revocation Rules: In the most recent post, the Federal Communications Commission’s (FCC) final rule regarding consumer’s rights to revoke consent to receive robocalls and robotexts under the Telephone Consumer Protection Act (TCPA) is detailed. The rule becomes effective April 4, but “new consent revocation provisions, and the timeframe for honoring these requests, will be effective six months following review by the Office of Management and Budget (OMB).”

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