A coalition of business and banking groups including the Texas Association of Business, Fort Worth Chamber of Commerce, Longview Chamber of Commerce, U.S. Chamber of Commerce, and American Bankers Association have initiated legal action against the Consumer Financial Protection Bureau's (CFPB) decision to implement a final rule capping credit card late fees at $8. The lawsuit, which seeks to block the enforcement of this rule, was recently transferred from a trial court in Fort Worth to a Washington, D.C. court. This move, criticized by some as venue shopping by the banks for a more favorable ruling, was decided by a Texas judge. The decision has sparked a debate on the implications of the fee cap, with opponents like Senator Tim Scott arguing it will limit credit card availability for those in need.
A lawsuit brought by the US Chamber of Commerce and banking trade groups challenging the CFPB’s credit card late fee rule will be transferred to Washington, D.C. https://t.co/7VNvcLCFHk
Despite President Biden’s claims, the @CFPB’s cap on credit card late fees will reduce the availability of credit card products for those who need it most. I’m leading the fight against this rule in Congress.
A Texas federal judge ruled that the U.S. Chamber of Commerce and other trade groups suing to block the CFPB's $8 credit card late-fee standard must take their case to D.C. federal court, granting the agency's bid to fight the challenge on its home turf. https://t.co/wwU7gSYysb https://t.co/pba3F3dk4Q
NEW: A lawsuit brought by the US Chamber of Commerce and banking trade groups challenging the CFPB’s credit card late fee rule will be transferred to Washington, D.C. https://t.co/hi2HwNBnRU
Texas judge moves late fee case to D.C., accusing banks of venue shopping for favorable ruling https://t.co/1vnKsEM3kE
Big loss for banks and the Chamber: a trial judge in Fort Worth has transferred an industry challenge to the CFPBs $8 late-fee cap to a DC trial court. https://t.co/e9pgPhlDeF
"Two weeks ago, the Texas Association of Business, Fort Worth Chamber of Commerce, Longview Chamber of Commerce, U.S. Chamber of Commerce, and American Bankers Association sued to block the Consumer Financial Protection Bureau’s (CFPB) final rule to lower the credit card late… https://t.co/aH8NHhO8Ox