WASHINGTON–After being rejected by one court, the U.S. Chamber of Commerce has appealed to a more conservative court as it seeks to block the CFPB’s proposed cap on credit card late fees.
As CUToday.info has being reporting, the Bureau has enacted a final rule that limits late fees on credit cards to $8 for issuers of more than one-million accounts. While in the case of credit unions that threshold affects only Navy FCU, in real terms it is expected to affect all issuers as they respond.
After U.S. District Judge Mark Pittman of the Northern District of Texas rejected the U.S. Chamber’s filing for an expedited review of its motion for preliminary injunction, the Chamber turned to the 5th Circuit Court of Appeals seeking to expeditiously block the CFPB’s rule. No ruling has been issued in that case.
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