The subject of penalty fees and the degree to which they can be regulated by the Consumer Financial Protection Bureau (CFPB) has been debated in court recently through a series of motions regarding a lawsuit brought by the Chamber of Commerce of the United States of America earlier this year. The suit follows a decision issued by the CFPB on March 5, 2024, capping penalty fees at $8 for issuers with more than 1 million open accounts. The policy is known as the Credit Card Penalty Fees Final Rule. Before the final rule, penalty fees stood at $30 for a first violation and $41 for subsequen...