Newsroom
New grassroots advocacy campaign targets credit card late fees
NAFCU Vice President of Regulatory Affairs Ann Petros is calling on credit unions to keep the pressure on the CFPB and join NAFCU’s advocacy efforts to push back on the bureau’s proposal to drastically reduce the safe harbor for credit card late fees.
“It is essential that the CFPB hear directly from financial institutions on this issue, because no one knows better than you the hard choices this will force you to make on increasing other fees or cutting back on programs that support your members,” Petros wrote in an email to member credit unions Thursday.
NAFCU’s Grassroots Action Center has letters for credit unions to send directly to the CFPB – one for institutions above $850 million in assets and one for those below that threshold – detailing the detrimental impact this proposal will have on credit unions and their 135 million members. The association will also submit a comment letter with member feedback to the bureau by the May 3 deadline.
Additional details on the proposal can be found in NAFCU’s Regulatory Alert.
NAFCU is leading the charge against the bureau’s regulatory overreach. NAFCU President and CEO Dan Berger has a recent op-ed in RealClear Markets urging congressional leaders to hold the CFPB accountable and end the bureau’s “war against Main Street.”