A core issue in the upcoming fight over late fees involves what data is being collected on card issuers' costs and losses associated with late payments.

A plan released Wednesday by the Consumer Financial Protection Bureau was more aggressive than anticipated, leading to share price declines at Synchrony Financial, Capital One and Bread Financial. "This skews toward the worst-case scenario," one analyst wrote.

The company told many customers they were "pre-approved" for credit card products they did not actually qualify to get. Proceeds from the fine will compensate those consumers, the Federal Trade Commission says.

Credit cards with rewards are rewarding only for those who know how to profit from the system, according to a paper released by the Federal Reserve.

Most borrowers cannot understand the information that TILA requires lenders to provide, raising questions about their utility in consumer protection.

More U.S. consumers are relying on their credit cards each month — and many are doing so without knowing the interest rates they're paying.

Credit card interest rates are expected to reach a four-decade high this year, a positive for lenders poised to benefit from the increased income while painful for consumers facing escalated borrowing costs.

Credit cards offered by banks including Wells Fargo and Synchrony Financial intended to cover expensive health care services may be causing unnecessary financial pain for consumers, said a group of U.S. senators, who cited potentially deceptive promotions.