The U.S. Court of Appeals has extended until 5 p.m. CT tomorrow its administrative stay of the district court’s order transferring the case to the U.S. District Court for the District of Columbia. This is the Fifth Circuit’s second extension of its stay order, with the first extension having expired at 5 p.m.… Continue Reading
late fee
Texas federal court enters order transferring to D.C. federal court lawsuit challenging CFPB final credit card late fee rule; Fifth Circuit stays transfer order until April 2
Last week ended with an intense flurry of activity in the lawsuit challenging the CFPB’s final credit card late fee rule (Rule). The flurry followed the plaintiffs’ March 25 filing of a Notice of Appeal after the district court denied their motion for expedited consideration of their preliminary injunction motion. In their Notice of Appeal, the plaintiffs assert that the denial of their motion for expedited consideration effectively denied their request for meaningful preliminary injunctive relief.… Continue Reading
Texas federal court sets April 2 hearing on plaintiffs’ preliminary injunction motion in lawsuit challenging CFPB final credit card late fee rule; plaintiffs file notice of appeal following denial of motion for expedited consideration of preliminary injunction motion; CFPB moves to transfer venue to D.C. federal court
The Texas federal district court hearing the lawsuit challenging the CFPB’s final credit card late fee rule (Rule) issued an order today setting April 2 as the date for a hearing on the plaintiffs’ motion for a preliminary injunction. Yesterday, the plaintiffs filed a notice that they are appealing to the Fifth Circuit the Texas federal district court’s “effective denial” of their motion for a preliminary injunction. … Continue Reading
CFPB notifies Texas federal court of intention to move to transfer case challenging final credit card late fee rule; plaintiffs seek expedited consideration of preliminary injunction motion before court decides venue issues
Yesterday, the CFPB filed a notice with the Texas federal district court stating that it intends to move to transfer the lawsuit challenging the CFPB’s final credit card late fee rule (Rule). The notice was filed pursuant to an order entered by the court on March 18 questioning whether the Fort Worth Division of the Northern District of Texas is the correct venue to hear the lawsuit.… Continue Reading
Ballard Spahr to hold March 21 webinar on CFPB final credit card late fees rule
By Barbara S. Mishkin on
Posted in CFPB, Credit Cards
On March 5, 2024, the CFPB issued its final credit card late fees rule which lowers the safe harbor late fee amount that can be charged by issuers other than “smaller card issuers” to $8. While the drastically reduced safe harbor amount has garnered the most attention, the final rule includes other significant changes that merit attention by both smaller and large card issuers. … Continue Reading
Trade groups file lawsuit in Texas federal court challenging CFPB final credit card late fee rule and ask for preliminary injunction
Just two days after the CFPB issued its final credit card late fee rule (Rule) last week, a lawsuit was filed in a Texas federal district court seeking to invalidate the Rule. The plaintiffs in the lawsuit are the Chamber of Commerce of the United States of America, Fort Worth Chamber of Commerce, Longview Chamber of Commerce, American Bankers Association, Consumer Bankers Association, and Texas Association of Business. … Continue Reading
Auriemma Roundtables comments on CFPB credit card penalty fee proposal
By Ronald K. Vaske, Mindy Harris & Ballard CFS Group on
Auriemma Roundtables, a leading provider of business intelligence solutions to the consumer finance industry, together with First National Bank of Omaha and a group of several other premier consumer financial services firms, has filed a comment (the “Auriemma Roundtables Comment”) on the credit card penalty fees proposal (the “Proposed Rule”) issued by the Consumer Financial Protection Bureau (CFPB). … Continue Reading