Joint Support Letter for Senate Credit Card Late Fee Resolution

The undersigned trade associations support S.J.Res. 70, a Congressional Review Act resolution to reject the Consumer Financial Protection Bureau’s final rule on credit
card late fees.

By its own admission, the bureau’s late fee rule will harm the 74 percent of consumers who pay their credit cards on time by forcing issuers to increase costs to offset delinquencies for those credit card users who pay late or not at all due to the significantly reduced late fee penalty. Even worse, the CFPB’s rule will create long-term harm for the minority of consumers it purports to help.

Congress should support S.J.Res. 70 and reject this flawed policy.