The credit card company has the right to change the terms of your credit card agreement. In the case of major changes, the card issuer must generally give you 45 days' notice. Under the Consumer Financial Protection Act, Congress transferred authority from the Federal Reserve to adjust late payment provisions to the CFPB. Today, the CFPB released advance notice of the proposed regulation to review the Federal Reserve's immunity provision and determine if adjustments need to be made to address late payment charges.
Late payment penalties are charged in addition to interest when the cardholder fails to make the minimum payment before the due date.