Home FIs, Chamber Sue Over Late Fee Cap Slated to Cost $10 Billion
FIs, Chamber Sue Over Late Fee Cap Slated to Cost $10 Billion
As expected, the U.S. Chamber of Commerce and banking trade associations have sued to block a Consumer Financial Protection Bureau rule capping credit card late fees at $8.
The lawsuit, filed Thursday in the US District Court for the Northern District of Texas, alleges the CFPB exceeded its authority and used faulty economic analysis in developing the late-fee cap.
The American Bankers Association, the Consumer Bankers Association, and three Texas industry groups signed on to the lawsuit.
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