An upcoming final rule from the CFPB is set to force major changes in how credit card companies charge late fees.

Joe Fischer, executive vice president and chief financial officer at Navient, said the servicer “remains confident about the strength” of its case and is open to finding a solution that is acceptable to all stakeholders.

CFPB secures $12 million settlement; OCC imposes $65 million fine against bank.

The American Bankers Association and other trade groups want the court to vacate the new standards under the Community Reinvestment Act.

The American Bankers Association, U.S. Chamber of Commerce and the Independent Community Bankers of America, among others, allege the new CRA requirements violate the Administrative Procedure Act.