Banks, US Chamber Sue to Block CFPB Credit Card Late Fee Cap (1)

The US Chamber of Commerce and banking trade groups sued to block a Consumer Financial Protection Bureau rule capping credit card late fees at $8.

Banks and Republican lawmakers immediately decried the CFPB’s final rule upon its March 5 release, with the Chamber vowing to bring a legal challenge “imminently.”

The lawsuit, filed Thursday in the US District Court for the Northern District of Texas, alleges the CFPB exceeded its authority and used faulty economic analysis in developing the late-fee cap.

The American Bankers Association, the Consumer Bankers Association, and three Texas industry groups signed on to ...