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B-336148 Apr 01, 2024 1 (2024-04-01)

handle is hein.gao/gaoqcl0001 and id is 1 raw text is: U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-336148 April 1, 2024 The Honorable Sherrod Brown Chairman The Honorable Tim Scott Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Patrick McHenry Chairman The Honorable Maxine Waters Ranking Member Committee on Financial Services House of Representatives Subject: Consumer Financial Protection Bureau: Credit Card Penalty Fees (Regulation Z) Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Consumer Financial Protection Bureau (CFPB) titled Credit Card Penalty Fees (Regulation Z) (RIN: 3170-AB15). We received the rule on March 8, 2024. It was published in the Federal Register as a final rule and official interpretation on March 15, 2024. 89 Fed. Reg. 19128. The effective date is May 14, 2024. According to CFPB, this final rule amends Regulation Z, which implements the Truth in Lending Act (TILA), to address late fees charged by card issuers that together with their affiliates have one million or more open credit card accounts. See generally TILA, Pub. L. No. 90-321, 82 Stat. 146 (May 29, 1968), 15 U.S.C. § 1601 et seq.; Regulation Z, 12 C.F.R. pt. 1026. CFPB stated that the final rule adopts a late fee safe harbor threshold of $8 for those issuers and provides that the annual adjustments to reflect changes in the Consumer Price Index (CPI) do not apply to this $8 amount. Enclosed is our assessment of CFPB's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about this report or wish to contact GAO officials responsible for the evaluation work relating to the subject matter of the rule, please contact Shari Brewster, Assistant General Counsel, at (202) 512-6398. Shirley A. Jones Managing Associate General Counsel

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