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Federal Register / Vol. 86, No. 209 / Tuesday, November 2, 2021 / Rules and Regulations card issuer waives or rebates all or part of the fee.
A. Late payments. For purposes of 1026.52b1ii, a late payment occurs during the billing cycle in which the payment may first be treated as late consistent with the requirements of this part and the terms or other requirements of the account.
B. Returned payments. For purposes of 1026.52b1ii, a returned payment occurs during the billing cycle in which the payment is returned to the card issuer.
C. Transactions that exceed the credit limit. For purposes of 1026.52b1ii, a transaction that exceeds the credit limit for an account occurs during the billing cycle in which the transaction occurs or is authorized by the card issuer.
D. Declined access checks. For purposes of 1026.52b1ii, a check that accesses a credit card account is declined during the billing cycle in which the card issuer declines payment on the check.
ii. Relationship to 1026.52b2ii and 1026.56j1. If multiple violations are based on the same event or transaction such that 1026.52b2ii prohibits the card issuer from imposing more than one fee, the event or transaction constitutes a single violation for purposes of 1026.52b1ii.
Furthermore, consistent with 1026.56j1i, no more than one violation for exceeding an accounts credit limit can occur during a single billing cycle for purposes of 1026.52b1ii. However, 1026.52b2ii does not prohibit a card issuer from imposing fees for exceeding the credit limit in consecutive billing cycles based on the same over-the-limit transaction to the extent permitted by 1026.56j1. In these circumstances, the second and third over-the-limit fees permitted by 1026.56j1 may be imposed pursuant to 1026.52b1iiB. See comment 52b2ii1.
iii. Examples. The following examples illustrate the application of 1026.52b1iiA and b1iiB with respect to credit card accounts under an open-end not home-secured consumer credit plan that are not charge card accounts.
For purposes of these examples, assume that the billing cycles for the account begin on the first day of the month and end on the last day of the month and that the payment due date for the account is the twenty-fifth day of the month.
A. Violations of same type late payments.
A required minimum periodic payment of $50 is due on March 25. On March 26, a late payment has occurred because no payment has been received. Accordingly, consistent with 1026.52b1iiA, the card issuer imposes a $25 late payment fee on March 26.
In order for the card issuer to impose a $35
late payment fee pursuant to 1026.52b1iiB, a second late payment must occur during the April, May, June, July, August, or September billing cycles.
1. The card issuer does not receive any payment during the March billing cycle. A
required minimum periodic payment of $100
is due on April 25. On April 20, the card issuer receives a $50 payment. No further payment is received during the April billing
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cycle. Accordingly, consistent with 1026.52b1iiB, the card issuer may impose a $35 late payment fee on April 26.
Furthermore, the card issuer may impose a $35 late payment fee for any late payment that occurs during the May, June, July, August, September, or October billing cycles.
2. Same facts as in paragraph A above. On March 30, the card issuer receives a $50
payment and the required minimum periodic payments for the April, May, June, July, August, and September billing cycles are received on or before the payment due date.
A required minimum periodic payment of $60 is due on October 25. On October 26, a late payment has occurred because the required minimum periodic payment due on October 25 has not been received. However, because this late payment did not occur during the six billing cycles following the March billing cycle, 1026.52b1ii only permits the card issuer to impose a late payment fee of $25.
B. Violations of different types late payment and over the credit limit. The credit limit for an account is $1,000. Consistent with 1026.56, the consumer has affirmatively consented to the payment of transactions that exceed the credit limit. A
required minimum periodic payment of $30
is due on August 25. On August 26, a late payment has occurred because no payment has been received. Accordingly, consistent with 1026.52b1iiA, the card issuer imposes a $25 late payment fee on August 26.
On August 30, the card issuer receives a $30
payment. On September 10, a transaction causes the account balance to increase to $1,150, which exceeds the accounts $1,000
credit limit. On September 11, a second transaction increases the account balance to $1,350. On September 23, the card issuer receives the $50 required minimum periodic payment due on September 25, which reduces the account balance to $1,300. On September 30, the card issuer imposes a $25
over-the-limit fee, consistent with 1026.52b1iiA. On October 26, a late payment has occurred because the $60
required minimum periodic payment due on October 25 has not been received.
Accordingly, consistent with 1026.52b1iiB, the card issuer imposes a $35 late payment fee on October 26.
C. Violations of different types late payment and returned payment. A required minimum periodic payment of $50 is due on July 25. On July 26, a late payment has occurred because no payment has been received. Accordingly, consistent with 1026.52b1iiA, the card issuer imposes a $25 late payment fee on July 26. On July 30, the card issuer receives a $50 payment.
A required minimum periodic payment of $50 is due on August 25. On August 24, a $50 payment is received. On August 27, the $50 payment is returned to the card issuer for insufficient funds. In these circumstances, 1026.52b2ii permits the card issuer to impose either a late payment fee or a returned payment fee but not both because the late payment and the returned payment result from the same event or transaction.
Accordingly, for purposes of 1026.52b1ii, the event or transaction constitutes a single violation. However, if the
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card issuer imposes a late payment fee, 1026.52b1iiB permits the issuer to impose a fee of $35 because the late payment occurred during the six billing cycles following the July billing cycle. In contrast, if the card issuer imposes a returned payment fee, the amount of the fee may be no more than $25 pursuant to 1026.52b1iiA.
2. Adjustments based on Consumer Price Index. For purposes of 1026.52b1iiA
and b1iiB, the Bureau shall calculate each year price level adjusted amounts using the Consumer Price Index in effect on June 1 of that year. When the cumulative change in the adjusted minimum value derived from applying the annual Consumer Price level to the current amounts in 1026.52b1iiA
and b1iiB has risen by a whole dollar, those amounts will be increased by $1.00.
Similarly, when the cumulative change in the adjusted minimum value derived from applying the annual Consumer Price level to the current amounts in 1026.52b1iiA
and b1iiB has decreased by a whole dollar, those amounts will be decreased by $1.00. The Bureau will publish adjustments to the amounts in 1026.52b1iiA and b1iiB.
i. Historical thresholds.
A. Card issuers were permitted to impose a fee for violating the terms of an agreement if the fee did not exceed $25 under 1026.52b1iiA and $35 under 1026.52b1iiB, through December 31, 2013.
B. Card issuers were permitted to impose a fee for violating the terms of an agreement if the fee did not exceed $26 under 1026.52b1iiA and $37 under 1026.52b1iiB, through December 31, 2014.
C. Card issuers were permitted to impose a fee for violating the terms of an agreement if the fee did not exceed $27 under 1026.52b1iiA and $38 under 1026.52b1iiB, through December 31, 2015.
D. Card issuers were permitted to impose a fee for violating the terms of an agreement if the fee did not exceed $27 under 1026.52b1iiA, through December 31, 2016. Card issuers were permitted to impose a fee for violating the terms of an agreement if the fee did not exceed $37 under 1026.52b1iiB, through June 26, 2016, and $38 under 1026.52b1iiB from June 27, 2016 through December 31, 2016.
E. Card issuers were permitted to impose a fee for violating the terms of an agreement if the fee did not exceed $27 under 1026.52b1iiA and $38 under 1026.52b1iiB, through December 31, 2017.
F. Card issuers were permitted to impose a fee for violating the terms of an agreement if the fee did not exceed $27 under 1026.52b1iiA and $38 under 1026.52b1iiB, through December 31, 2018.
G. Card issuers were permitted to impose a fee for violating the terms of an agreement if the fee did not exceed $28 under 1026.52b1iiA and $39 under 1026.52b1iiB, through December 31, 2019.
H. Card issuers were permitted to impose a fee for violating the terms of an agreement
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