NAFCU economists break down CFPB late fees proposal in new video

April 04, 2023

NAFCU economists break down CFPB late fees proposal in new video

NAFCU’s award-winning research team provided findings from the association’s survey on how the CFPB’s proposed rule to lower the safe harbor of credit card late fees would impact credit unions in a new video. Additionally, the video breaks down the latest economic developments, including the Federal Open Market Committee’s (FOMC) decision to raise the federal funds rate in March.

NAFCU Chief Economist and Vice President of Research Curt Long explained that the average break-even late fee amount for a credit union was $20, as credit unions face higher costs to administer credit card programs than large banks. Of note, the CFPB’s proposed rule aims to lower the safe harbor for credit card late fees to $8.

Long was joined by NAFCU Economist Noah Yosif, who detailed the FOMC’s latest rate hike and how the committee will likely handle monetary policy moving forward. Watch the full video.

For more economic updates from NAFCU's award-winning research team, view all of NAFCU's Macro Data Flash reports.

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September 27, 2023 Add to Calendar 2023-09-27 14:00:00 2023-09-27 14:00:00 Financial Services Mega-Trends: Welcome to a Whole New World of Financial Services About the Webinar A transformation is underway in the U.S. financial services industry that will have a profound impact on how participants do business, how they strategize about their futures, and how they collaborate around products, service and information. During this session, Cynthia Schroeder, Larry Pruss, and Patti Wubbels will highlight mega-trends worth watching. Key Takeaways: • How the financial services business model is changing • How new entrants are disrupting the industry through innovation • How technology is changing the nature of financial services delivery and distribution • How demographic shifts require credit unions to adapt their cultures and value propositions to gain market share among younger members • How credit unions must adopt a security-first mindset to protect their reputations and the data of their members Register Here Web NAFCU digital@nafcu.org America/New_York public

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