Partner Nora Rigby of the CFS+ Practice Group in Washington, D.C. told American Banker that credit card companies' assessment of late fees against consumers may be under fire from the Consumer Financial Protection Bureau, where she served in several roles for more than 10 years.

The publication wrote: "'It looks like the CFPB is considering getting rid of the safe harbor,' said Nora Rigby, a partner at the law firm Akerman LLP and a former CFPB senior counsel and chief of staff. Almost all credit card companies charge late fees right up to the safe harbor amount. How to set a late fee that is reasonable and proportional is not clear from the rule. The amount of work required to determine if late fees are reasonable and proportional would be insanely expensive and require a significant amount of work. It may be so prohibitive that companies decide not to charge such fees anymore.'"