Credit-Card Fee Limits, Disclosures Ripe for Update, CFPB Says

The CFPB wants to take another look at late-fee limits and customer disclosures that have governed the credit card market for more than a decade, the agency’s director said.

Consumer Financial Protection Bureau Director Rohit Chopra told lawmakers Wednesday that’s he’s asked the agency’s staff to study whether “we should reopen” regulations under the 2009 Credit CARD Act.

The law requires credit card issuers to provide written notice before raising rates and other disclosures. It also set limits on late and other fees credit card issuers can charge.

Late fees would “certainly” be one of the areas that the CFPB ...