Berger: CFPB’s credit card late fee proposal ‘amounts to financial chaos’

The CFPB Wednesday issued its proposed rule on credit card late fees that would drastically reduce the current safe harbor to $8. NAFCU President and CEO Dan Berger responded, arguing that the proposal “on its face may be about saving consumers money, but it amounts to financial chaos – ultimately sacrificing access to safe, affordable credit for millions of Americans who rely on it to afford daily life.”

‘More hikes are in store,’ says NAFCU Chief Economist

The Federal Open Market Committee (FOMC) concluded its first meeting of the year yesterday, where the committee raised rates 25 basis points to a range of 4.5 to 4.75 percent – the eighth consecutive meeting ending with a hike– and “signaled that more hikes are in store,” said NAFCU Chief Economist and Vice President of Research Curt Long after the meeting.

New on the Compliance Blog: Merger record retention, FinCEN’s ‘new power’

As credit unions work to meet the needs of more than 134 million Americans, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog every Monday and Wednesday. 

Engage 2023: NAFCU’s Annual Conference

Unforgettable experiences await your spouse/guests in Southern California. Plus, enjoy an extra tour you can enjoy together to see the best of the area alongside your spouse/guests! You’ll also discover solutions to help you build a bigger, better CU.
Save $200.00 with code ENGAGESAVINGS for a limited time only!