Auriemma Roundtables Comments on CFPB Credit Card Penalty Fee Proposal

Auriemma Roundtables, a leading provider of business intelligence solutions to the consumer finance industry, together with First National Bank of Omaha and a group of other premier consumer financial services firms, has filed a comment on the Credit Card Penalty Fees proposal (the “Proposed Rule”) issued by the Consumer Financial Protection Bureau (CFPB). Ballard Spahr LLP served as counsel to Auriemma Roundtables in preparing the comment.

In its comment, Auriemma Roundtables discusses in detail the Proposed Rule’s numerous deficiencies. The Proposed Rule, which if enacted would drastically alter the existing, well-reasoned regulatory framework governing credit card late fees, is arbitrary and capricious, and its adoption would violate procedural and substantive law. Further, the Proposed Rule raises significant public policy issues. The CFPB failed to provide sufficient data or any other basis that would support the Proposed Rule.

For these and a number of other reasons, Auriemma Roundtables and its clients urged the CFPB not to adopt the Proposed Rule.

Read the full comment here. If you have any questions, contact Kathy Castle, Senior Director.