Credit Card Case Must Be Cleared From Appeals Docket, CFPB Says

A federal appeals court dismissed as moot banks’ bid to temporarily block the Consumer Financial Protection Bureau’s $8 credit card late fee cap, but the agency said the court’s order needs to take effect immediately.

The US Court of Appeals for the Fifth Circuit must issue its mandate dismissing an interlocutory appeal filed by banks seeking to stop the rule from taking effect because it’s unclear what powers the federal district judge overseeing the case actually has, the CFPB said in a motion Monday. The appellate court previously instructed the Texas federal judge to rule only on the banks’ motion ...