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The Act contains a provision that limits the first year annual fee for a credit card to 25% of the credit limit. Credit card issuers are still able to charge certain additional fees, such as "setup fees" or "program fees." The Act also restricts the fees that can be charged for gift cards and other prepaid cards.
The gun laws of California are some of the most restrictive in the United States. A five-year Firearm Safety Certificate, obtained by paying a $25 fee, submission of applicant data to the state, and passing a written test proctored by a DOJ Certified Instructor, is required for the sale, delivery, loan, or transfer of any firearm. [ 3][ 4 ...
The payment card interchange fee and merchant discount antitrust litigation is a United States class-action lawsuit filed in 2005 by merchants and trade associations against Visa, Mastercard, and numerous financial institutions that issue payment cards. The suit was filed because of price fixing and other allegedly anti-competitive trade ...
The CFPB made a proposal back in February 2023 to effectively cap credit card late fees at $8 and then issued a final rule in March on an $8 fee, which bankers said was lower than many expected it ...
The Consumer Financial Protection Bureau finalized a rule limiting credit card late fees to $8. The move could save 45 million people an average $220 per year on late fees.
The Bank Secrecy Act of 1970 (BSA), also known as the Currency and Foreign Transactions Reporting Act, is a U.S. law requiring financial institutions in the United States to assist U.S. government agencies in detecting and preventing money laundering. [ 2] Specifically, the act requires financial institutions to keep records of cash purchases ...
In testimony before the Senate, Consumer Financial Protection Bureau Director Rohit Chopra rejected arguments by banks that capping late fees would force them recover the lost revenue by charging ...
dfpi .ca .gov. The California Department of Financial Protection and Innovation (abbreviated DFPI; formerly the Department of Business Oversight, DBO) regulates a variety of financial services, businesses, products, and professionals. [1] The department operates under the California Business, Consumer Services and Housing Agency .