We’re Fee-ling Good: Late Fee Limits are Leaving

As of April 15, the Consumer Financial Protection Bureau’s (CFPB) rule capping credit card late fees has officially been vacated—a win for businesses and responsible consumers. Your Wyoming Chamber, in partnership with the U.S. Chamber and other local advocates, has pushed back on this rule from the start. Why? Because consumers who pay on time shouldn’t foot the bill for those who don’t.

Beyond fairness, the rule had serious legal flaws, leading to a lawsuit from the U.S. Chamber in March. The case cited:

• Violation of the Credit Card Accountability Responsibility and Disclosure Act (CARD Act) of 2009

• Violation of the Administrative Procedure Act (APA)

• Use of funds in violation of the U.S. Constitution’s Appropriations Clause 

WY it Matters: The CFPB’s proposal would’ve shifted costs to responsible cardholders, reduced credit card options, and slashed benefits like airline miles, cashback, and discounts. Their claim that consumers are unaware of late fees doesn’t hold up—thanks to the Truth in Lending Act, credit card terms must be disclosed upfront.

This decision restores balance to the system—and your Wyoming Chamber will continue to defend pro-business policies that protect consumers and support economic growth.