Fifth Circuit Asked to Pause CFPB Late Fee Rule Amid Venue Fight

Industry groups challenging the Consumer Financial Protection Bureau’s credit card late fee rule asked a federal appeals court to pause the regulation even as a district judge considers sending the case to Washington.

The US Court of Appeals for the Fifth Circuit should impose a preliminary injunction on the CFPB’s rule because of the compliance costs banks will incur to meet a May 14 effective date, the groups said in a notice of interlocutory appeal filed Monday in the US District Court for the Northern District of Texas. The plaintiffs include the US Chamber of Commerce, the American Bankers Association, ...