A federal appeals court, the Fifth Circuit, has mandated a Texas judge to determine by May 10 whether to block a new Consumer Financial Protection Bureau (CFPB) rule that caps credit card late fees at $8. The directive comes as part of a lawsuit brought by the banking industry, which challenges the rule's intent to curb what the CFPB considers 'excessive' late payment fees charged by credit card issuers.
The 5th Circuit directed a Texas judge to decide the CFPB credit card fee case by May 10. The court's order came in response to a bid by banking and business groups to have the appellate court itself decide whether the rule should be blocked https://t.co/udvR3Egq4r https://t.co/Nzesy6VucU
A federal appeals court has directed a judge in Texas to decide by the end of next week whether to block the U.S. Consumer Financial Protection Bureau's new rule capping credit card late fees at $8 @nateraymond https://t.co/udvR3Egq4r https://t.co/uKY56f7IIP
The 5th Circuit directed a Texas judge to decide by the end of next week whether to block the CFPB's new rule capping credit card late fees at $8. At issue is a CFPB rule that targets 'excessive' fees credit card issuers charge for late payments https://t.co/udvR3Egq4r https://t.co/4XmSSGe6jF
Court directs Texas judge to decide CFPB credit card fee case by May 10 https://t.co/lmNNrI2URQ https://t.co/GSPH8P5sUd
The Fifth Circuit has sent a banking industry lawsuit over the Consumer Financial Protection Bureau's $8 credit card late fee rule back to Texas federal court, saying it doesn't want to be the first to decide whether the rule should be blocked. https://t.co/ZQ7mr105pU https://t.co/X9B7siQt6Q
A federal appeals court has directed a judge in Texas to decide by the end of next week whether to block the Consumer Financial Protection Bureau's new rule capping credit card late fees at $8 https://t.co/udvR3Egq4r @nateraymond https://t.co/TNpKQxptSs
One in three Americans have less than $100 in their savings account. But if someone is late, even a little bit, on their credit card payments, they could be charged $41. That’s why @POTUS & the @CFPB are taking action to cap most credit card late fees at $8. That’s a big deal. https://t.co/nsygFa7I9L