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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, filed a lawsuit against the Consumer Financial Protection Bureau's (CFPB) rule to cap credit card late fees at $8. The case, initially filed in Fort Worth, Texas, has been moved to a Washington, D.C. federal court following a decision by a Texas judge, who accused the banks of venue shopping for a more favorable ruling. This move represents a significant setback for the banking industry and the Chamber, which have been vocal in their opposition to the CFPB's $8 late fee cap. Senator Tim Scott has also expressed criticism of the rule, arguing that it will limit the availability of credit card products 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
