CFPB Seeks Prepublication Clearance of Request for Information Regarding Credit Card Late Fees and Late Payments

The CFPB has submitted to the Office of Information and Regulatory Affairs (OIRA) for prepublication clearance a request for information regarding credit card late fees and late payments.

The Credit Card Accountability and Disclosure Act prohibits a card issuer from charging a late fee unless it is “reasonable and proportional” to the payment owed or it is less than the safe harbor amount, which is adjusted for inflation.  In June 2024, the CFPB issued a final rule that would have reduced the safe harbor amount to $8 (with no future inflation adjustment) for a card issuer with more than one million open accounts.  Business advocacy groups, however, sued the Bureau, seeking to vacate the final rule.  And in April 2025, the U.S. District Court for the Northern District of Texas granted the parties’ joint motion for entry of consent judgment and vacated the rule.  WBK covered the case here.

OIRA is responsible for overseeing the executive branch’s “information and related resources, such as personnel, equipment, funds, and information technology.”  Most federal agencies (including the CFPB) must submit proposed and final rules to OIRA for review before they are published in the Federal Register.  This requirement creates a centralized review process for agency actions.

At this point, the contents of the document that the CFPB has submitted for OIRA review are not yet public.  According to OIRA, the document is titled “Request for Information Regarding Credit Card Late Fees and Late Payments” and is in the “prerule” stage.  Based on this information, it appears that the CFPB will publicly solicit information on credit card late fees and late payments in the near future.