The CFPB faces a lawsuit from banks and the US Chamber of Commerce over its $8 late fee cap on credit cards.

The Consumer Financial Protection Bureau (CFPB) faces a lawsuit from banks and the US Chamber of Commerce over its new rule capping late fees on credit cards at $8. The plaintiffs argue that the rule exceeds the CFPB's authority and contradicts Congress' intention to use fees to deter late payments and compensate issuers for costs. The CFPB defends the rule, stating it closes a loophole and will save consumers billions.

March 07, 2024
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