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McHenry Slams CFPB Proposal to Increase Costs on Credit Card Users

Press Release

Date: Feb. 2, 2023
Location: Washington, DC
Issues: Finance and Banking Government Operations

Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement in response to the Consumer Financial Protection Bureau's (CFPB) Notice of Proposed Rulemaking regarding credit card fees, which would limit consumer options, benefits, and punish borrowers in good standing.

"At a time when more American families are carrying credit card debt due to Democrat-induced inflation, Director Chopra is pushing a proposed rule that would raise costs for all credit card users," said Chairman McHenry. "This proposal would also limit loyalty benefits for consumers, while forcing borrowers in good standing to foot the bill for those who may be late on their payments. In fact, Director Chopra is attacking the same tool--fees--that the IRS uses to deter late tax payments. Additionally, it's troubling that this supposedly independent agency is coordinating this announcement with the White House for political purposes. Under my leadership, the House Financial Services Committee will not allow Director Chopra to punish consumers solely to placate progressive activists."


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