Judge Must Rule on Banks’ Bid to Pause CFPB Late Fee Rule (1)

A federal district judge in Texas will have to decide whether to put the Consumer Financial Protection Bureau’s $8 cap on credit card late fees on hold, a federal appeals court ruled.

The US Court of Appeals for the Fifth Circuit on Tuesday ordered Judge Mark Pittman of the US District Court for the Northern District of Texas to rule by May 10 on a request from industry groups to slap a preliminary injunction on the CFPB’s credit card late fee rule. The rule is set to take effect May 14.

Pittman had previously ignored the motion filed by the ...