Consumer Financial Protection Bureau (CFPB) Credit Card Late Fees

from HEART July/August 2023

BENIFITS of investing in the CHAMBER

We support efforts to render the CFPB subject to the ordinary appropriations process, and thus accountable to the American people.

Late last year, the Longview Chamber joined the U.S. Chamber and sued the CFPB, arguing that the way they receive their funding is unconstitutional. The Chamber is awaiting a decision.

We support efforts to render the CFPB subject to the ordinary appropriations process, and thus accountable to the American people.

• The CFPB obtains its funding directly from the Federal Reserve.

• The U.S. Chamber has long argued against this unusual insulation from Congressional control and oversight.

• The Supreme Court of the United States has now agreed to decide whether the CFPB’s funding mechanism violates the Appropriations Clause. Oral argument will be in October, and a decision is not expected until June 2024.

• The U.S. Chamber plans to file an amicus brief urging the Supreme Court to hold that the CFPB must get its funds through the ordinary appropriations process.

Currently, we are considering joining the U.S. Chamber to again sue the CFPB if it finalizes a rule lowering the safe harbor for credit-card late fees to $8 as proposed.

• The U.S. Chamber has laid out the argument more fully in the Chamber’s comments to the CFPB. We both believe the rule is vulnerable to legal challenge on multiple fronts. The CFPB has misread the statute that authorizes it to regulate late fees, and its proposal is arbitrary and capricious. Moreover, at least one circuit court has vacated a rule because the CFPB’s funding mechanism is unconstitutional.

• The U.S. Chamber will likely seek an injunction to prevent the rule from taking effect, in part based on the Appropriations Clause. The Chamber should have a good chance of obtaining an injunction.

The CFPB has labeled late fees as junk fees. Many associations including the retail association state late fees are a necessary cost of providing financial products and services. Retailers as well as other types of industries / associations partner with financial institutions to issue credit cards. These companies must be able to mitigate the risk associated with missed and late payments. If the late fee reduction goes into effect, costs will go up for all consumers, which means those who pay their credit card bill on time will be subsidizing the costs of those who don’t. Banks may even be force to stop offering credit card rewards programs which benefit consumers at all income levels.

Is Your Company Taking Advantage of the Employee Retention Credit (ERC)?

By amending your quarterly IRS payroll tax returns, your business can claim the Employee Retention Credit based on the wages the business paid to its employees during 2020 and 2021

MYTH: Our company received Paycheck Protection Program (PPP) so we are ineligible.

FACT: Even if your company received PPP funding, you can still qualify for the Employee Retention Credit. . However, it is crucial to consult with a professional to ensure you maximize both PPP forgiveness the ERC, as they are interconnected.

RECOMMENDATION: Refer to the Internal Revenue Service (IRS) website for comprehensive guidance and limitations on ERC - Employee Retention Credit | Internal Revenue Service (irs.gov).

POTENTIAL BENEFIT: By amending your quarterly IRS payroll tax returns, your business can claim the Employee Retention Credit based on the wages the business paid to its employees during 2020 and 2021. Your business may be eligible for the credit if a government order limited its operations by forcing the business to close, required capacity restrictions, or otherwise restricted its business functions. A business may also be eligible for the ERC if it had a significant decline in revenue in any quarter since the beginning of the pandemic through the third quarter of 2021.

How to Maximize Use of the Member Hub

Did you know that as a Longview Chamber of Commerce member, you have access to an exclusive portal for some unique benefits and for managing your membership?

1. Go to www.longviewchamber.com and click on at the top of the screen.

2. On the next page, click where it says,

3. Enter your First Name and Last Name and your company Email and . You should receive an email with instructions from there. This will be your personal login for the company profile.

This will get you into the “Info Hub.” The Info Hub is a great way for you to network, view member-only events, share your contact information with other members for networking, access vital resources, or use our site to advertise news, events, deals and recruit new employees!

Start by making sure your contact profile is complete and update-to-date, so others can successfully connect with you. Then explore the site and have fun taking advantage of special members-only access.

There is a video tour that will show you how to get the most of the Hub for things such as:

YOUR COMPANY/ORGANIZATION MAY BE ELIGIBLE IF YOU EXPERIENCED:

• FULL OR PARTIAL SHUTDOWNS

• DECREASE IN HOURS OF OPERATIONS

• INTERRUPTION IN OPERATIONS OR SUPPLY CHAINS

• REDUCTION IN SERVICES OR GOODS

• SHIFTING HOURS TO INCREASE SANITATION OF YOUR FACILITY

• INABILITY TO WORK WITH YOUR VENDORS.

WHERE TO GO FOR HELP?

We strongly recommend companies consult tax experts. The ERC is a legitimate credit that is providing a lifeline to businesses and organizations nationwide. Unfortunately, there are unscrupulous entities, so it is important to seek reliable advice before applying. If your organization would like a recommendation of an agency to work with please reach out to Kelly Hall, khall@longviewtx.com.

First, if you have not already done so, I want to encourage you to create your member login!

• Searching the directory listing – your contact information and our other members are available in the “members only” hub.

• Personalizing your member listing page – included in the directory is your own information page on the website which can include a description area, location, logo, photos and contact details based on your membership level.

• Using the Hub to manage your membership and payments.

• Job Center – create a posting for any job openings you have available - gain visibility and help recruit new employees.

• News – Share exciting and important information with our community. Enter your news item to be added to our site.

Content is always changing – please help us ensure that your information is always updated so that we and others in the community can reach you. Enjoy!

New Economic Mobility fellowship

The Fellowship gives us a framework, a network, and a support system for creating and implementing strategies

It is a privilege to have been accepted, along with 17 other chamber executives from across the country, into the Economic Mobility Fellowship initiative of the Association of Chamber of Commerce Executives. If you’re wondering what this is and how it benefits business in Longview, Texas, then we are of like-mind, as I asked the same questions about applying for the program.

Over the next several months, I will be responsible for creating a regional economic mobility plan. Economic mobility is the ability of people to move to jobs that are better, high-paying jobs that allow them to create wealth. Basically, it’s an attempt to remove obstacles to pursing and reaching the “American dream.” At the Longview Chamber, our tagline is: Leading People Leading Prosperity. So, this initiative is in alignment with our core objectives.

Increasing employer participation in the talent development pipeline to create stronger ties between employers, learners, and educators

Working with employers and education partners to align locally offered credentials and degrees with those required for in-demand jobs

These items are similar to issues we’ve been working to address in our community. The Fellowship gives us a framework, a network, and a support system for creating and implementing strategies that actually have a chance of producing results. I am excited about the opportunity and the possibilities and I look forward to reporting on progress made as this process progresses.

Increasing remote work opportunities for low-income workers

“In this fellowship we will have the opportunity to develop a regional plan for economic mobility for our area.” Click on the video to hear more about the new mobility fellowship from COO Dave Jochum

Establishing a one stop navigator program to holistically address barriers to well-paid employment for low-income workers

Increasing up skilling and re skilling opportunities for lowincome workers

Working with employers to identify the skills required for indemand jobs and to implement skills-based hiring practices

Creating a community-wide vision, goal and plan around talent development to promote pathways to mobility

Opportunities to Make a Difference

Reach Team

Establishing strong relationships is vital for the Chamber’s success. With a membership base of approximately 1,000 businesses/organizations, we rely on the invaluable assistance of our REACH Team. These dedicated volunteers serve as our concierges, playing a pivotal role in various activities. They warmly greet attendees at our functions, participate in ribbon-cutting ceremonies, and generously contribute their time to our events. Our volunteers actively listen to the needs of our members, familiarize themselves with their businesses, and seek opportunities to align the chamber with their goals and values. We are constantly in search of individuals who are eager to expand their network while assisting the chamber in meeting the needs of others. Would you be interested in learning more about the REACH team? Email kpedroza@longviewtx.com

Total Resource Campaign

Cliff Hale, Market President, expresses his belief in the mission of the Chamber of Commerce and its commitment to fostering business growth, including individual business. As the Longview Chamber prepares to launch its 14th Total Resource Campaign (TRC), Cliff encourages engagement. Laughingly, Cliff shared “when we launched TRC 14 years ago the owner of the company that helped us get started stated that if we stay engaged in TRC the opportunity to build lasting friendships will become one of the main reasons volunteers return to work the campaign. I scoffed at these words and now 14 years later, I’m ALL IN! I come back for the deepened relationships that have been built with fellow volunteers and the companies we work with”.

Describing the TRC, Kelly Hall, Chamber President, explains, “Through this initiative, businesses will gain increased exposure within the Chamber membership and among stakeholders. They will also enjoy a higher return on investment by securing greater visibility in the community through Chamber programs and initiatives.”

The TRC aims to offer diverse customer groups and growth opportunities to businesses of all sizes. Member businesses can expect a favorable return on their investment and the flexibility to select options tat align with their specific needs.

Jennifer Harper, Senior VP of Texas Bank & Trust, emphasizes the importance of understanding companies’ missions and their efforts to reach target markets. She hopes that all businesses, particularly smaller ones, will view the TRC as a means to engage with the chamber programs that resonate with them.

To discover more about volunteering for the upcoming TRC we invite you to REGISTER for a FREE lunch and learn on July 19th, 11:30am – 1:00pm. During this session, volunteers will gain insights into the purpose behind the TRC and how understand how their involvement can make a significant impact on our community. They will learn about engaging local business leaders in meaningful discussions regarding customized marketing opportunities that cater to their unique needs.

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