CFPB

Late-Fee Cap Controversy: U.S. Banking Industry Strikes Back with Legal Win in Battle Against CFPB Rule

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Washington, D.C. – The banking industry scored a significant win by successfully halting a Consumer Financial Protection Bureau rule that would have restricted credit card late payment fees. A federal court decision on Friday approved the industry’s request to pause the regulation, which was set to limit the fees credit card companies could charge for late payments. The ruling, issued by Judge Mark Pittman of the Northern District of Texas, sided with the U.S. Chamber …

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Late Fees Lawsuit Transferred from Texas to Washington – Major Win for CFPB

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Houston, Texas – A federal judge in Texas has leveled accusations against major banking industry groups and the U.S. Chamber of Commerce for engaging in venue shopping in their lawsuit against the Consumer Financial Protection Bureau. The lawsuit at hand revolves around the CFPB’s new regulations regarding credit card late fees, where the average late fee for customers would be limited to $8, a decrease from the previous average of $32. The major banking groups …

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