Trade groups warn CFPB of adverse impact from recent ANPR

Five banking trade groups sent a letter to the Consumer Financial Protection Bureau (CFPB) warning it that its recent advanced notice of proposed rulemaking concerning credit card penalty fees and late payments would have an adverse impact on small businesses. The groups are requesting the CFPB comply with the Small Business Regulatory Enforcement Fairness Act of 1996 by convening a panel of small businesses that might be affected by the new rule. Read on for more details.