CFPB Key Regulatory Initiatives Targeted For 2024

The CFPB's latest regulatory agenda signals that the Bureau expects final rules on several key regulatory initiatives to move forward in the next several months. The agenda lists the regulatory matters that the CFPB reasonably anticipates, as of August 17, 2023, it will have under consideration during the period from November 1, 2023, to October 31, 2024, as described in the excerpts below from the Agency Rule List - Fall 2023.

• Credit Card Penalty Fees (Final Rule/December 2023): "Section 149 of the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009 is implemented in part in Regulation Z, section 1026.52(b). Currently, under Regulation Z, section 1026.52(b)(1), a card issuer must not impose a fee for violating the terms or other requirements of a credit card account, including a late payment, unless the issuer has determined that the dollar amount of the fee represents a reasonable proportion of the total costs incurred by the issuer