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CR letter urging House Financial Service’s Committee to reject repeal of CFPB’s credit card late fee limits

Letter from Consumer Reports to members of the House Financial Services Committee urging them to oppose House Joint Resolution 122, which would repeal the CFPB’s recently adopted credit card late fee rules. CR’s letter points out that the CFPB’s new rule will help ensure that the late fees charged on credit card accounts are “reasonable and proportional” to the late payment as required under the Truth in Lending Act (TILA)