Trade groups sue CFPB for reducing late fee charges

The Consumer Financial Protection Bureau released a finalized rule on March 5 that caps consumer credit card fees at $8 per incident. In response, some trade groups filed a federal lawsuit two days later seeking a preliminary injunction against the rule. 

CFPB: Comparison-shopping tools must be objective

Companies operating comparison-shopping tools can violate the law by sending consumers to certain products or lenders because of kickbacks, according to a Feb. 29 Consumer Financial Protection Bureau circular to law enforcement agencies and regulators.

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