Chamber Says CFPB Wants All Regulatory Challenges Moved to D.C.

The Chamber of Commerce and other trade groups challenging the Consumer Financial Protection Bureau’s credit card late fee cap are accusing the agency of trying to funnel all regulatory challenges to the federal district court in Washington.

The trade groups said that the Fort Worth Chamber of Commerce includes branches of at least six national banks that are affected by the CFPB’s $8 credit card late fee limit as members and therefore has standing to sue the CFPB over the rule in a Monday filing in the US District Court for the Northern District of Texas.

The CFPB argued in ...