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Credit Card Late Fees Update: Trade Groups Sue CFPB to Stop Rule

The U.S. Chamber of Commerce announced it has filed a lawsuit in the U.S. District Court for the Northern District of Texas, Fort Worth Division seeking a preliminary injunction to stop the Consumer Financial Protection Bureau (CFPB) from implementing its rule to limit credit card late fees.

The suit argues that the CFPB not only exceeded its statutory authority, but it did so by relying on the use of secret data collected for an unrelated purpose.

The plaintiffs also filed a motion for a preliminary injunction that would bar the CFPB from enforcing, applying, or implementing the final rule, and a brief in support of that motion.

Read more here.

Access the ‘Compliance Hotline’
Your League-member benefits include the Compliance Hotline — providing exclusive access to dedicated compliance experts:

Using the above phone number and email address, you can gain access to a knowledgeable team that’s ready to address all your credit union’s compliance inquiries — promptly and efficiently. With the Compliance Hotline, you can proactively respond to impromptu questions and issues by getting clarity and insight on technical topics that normally slow you down. We want to help you unlock the full potential of your League membership by leveraging the resources and support you need to navigate the complex world of compliance effortlessly. We’re ALWAYS just a phone call or email away!

Additionally, other League-member compliance resources include:

  • ViClarity
  • CU PolicyPro
  • ComplySight
  • InfoSight
  • CU Store
  • Record Retention Guide
  • GRC Technology Solutions

For more information, email Lisa Quaranta.

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