(C) Common Dreams
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McHenry’s Attacks Against the CFPB’s Credit Card Late Fee Rule are at the Behest of the Financial Industry & Their Lobbyists [1]
['Molly Kozlowski']
Date: 2023-02-02 17:18:39+00:00
Following House Financial Services Committee Chair Rep. McHenry’s attacks on the Consumer Financial Protection Bureau (CFPB)’s latest rulemaking on credit card late fees, government watchdog Accountable.US is calling out his ties to the financial industry.
As the CFPB works to save consumers up to $9 billion a year by curbing credit card late fees, McHenry is defending an exploitative immunity provision created by the Federal Reserve that allows credit card companies to escape accountability for what would otherwise be considered an illegal fee. Meanwhile, the Chairman has taken over $1.1 million from the eight largest credit card issuers and banking industry trade groups, including the Consumer Bankers Association, the American Bankers Association, and the Independent Community Bankers Of America, who decried the proposed rule.
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[1] Url:
https://accountable.us/mchenrys-attacks-against-the-cfpbs-credit-card-late-fee-rule-are-at-the-behest-of-the-financial-industry-their-lobbyists/
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