Texas Judge Moves Lawsuit Challenging CFPB’s $8 Credit Card Late Fee Rule to D.C., Dealing Blow to Credit Card Industry
FORT WORTH, Texas – In a blow to banks and credit card issuers, a Texas judge has agreed to move a lawsuit challenging the Consumer Financial Protection Bureau’s $8 credit card late fee rule to the District of Columbia. The ruling by Judge Mark T. Pittman is a setback for the U.S. Chamber of Commerce and five other trade groups that sued the CFPB in March to stop the rule from taking effect on May 14. The CFPB accused the trade groups of engaging in “forum shopping” by filing the case in Texas to find … Read more