6 US trade groups, including the U.S. Chamber of Commerce, filed a lawsuit against the CFPB to block a rule capping credit card late fees at $8 per month.
Six US trade groups, including the U.S. Chamber of Commerce, filed a lawsuit against the Consumer Financial Protection Bureau (CFPB) to block a new rule that would cap most credit card late fees at $8 per month. The trade groups argue that the CFPB violated laws about agency rule-making and exceeded its statutory authority, and that consumers will suffer financially if the rule is implemented. The CFPB, however, stated that the rule will close a loophole used by credit card giants to turn late fees into a major revenue stream, and will save Americans more than $10 billion in late fees each year.
March 07, 2024
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