Consumer Financial Protection Bureau Ruling on Late Fees
On March 5, 2024, the Consumer Financial Protection Bureau announced a final ruling governing late fees for consumer credit card payments.
New Regulatory Changes
At Freedom Federal Credit Union, we understand the importance of keeping our members informed about regulatory changes that may have an impact on their financial well-being. Recently, the Consumer Financial Protection Bureau issued a ruling aimed at reducing late fees for consumer credit card payments, primarily targeting large credit card issuers to address predatory fee practices.
As a member-focused institution, Freedom Federal Credit Union wishes to reassure our members that this ruling does not affect our fee structure. We have always prioritized keeping fees low and transparent for our members, reflecting our commitment to fairness and financial empowerment.
Frequently Asked Questions
Below, we provide answers to frequently asked questions to address any concerns our members may have regarding this regulatory development.
No, Freedom Federal Credit Union is not changing its fee structure in response to the Consumer Financial Protection Bureau ruling. The ruling targets large banks and credit card issuers to address predatory fee practices. Freedom is not categorized as a large credit card issuer by the Bureau’s standards, and our fee structures remain comparable to other credit unions.
The ruling aims to address excessive fees imposed by larger financial institutions. Each “large credit card issuer, together with its affiliates, has one million or more open consumer credit card accounts. Freedom Federal Credit Union does not meet this criteria, and has always maintained a commitment to keeping fees low for our members. Our fee structure has consistently prioritized affordability and fairness for our members.
At Freedom Federal Credit Union, we believe in transparent and reasonable fee structures. We regularly review our fees to ensure they remain competitive and aligned with the needs of our members. Our focus is on providing value and financial empowerment to our community, rather than exploiting fees for profit.
Yes, Freedom Federal Credit Union is committed to staying informed about regulatory developments and their potential impact on our operations and members. We remain vigilant in upholding our values of fairness, transparency, and affordability in all aspects of our services.