Credit card late fees cap

FORT WORTH, Texas — A federal court in Texas declined to transfer business groups’ lawsuit against the Consumer Financial Protection Bureau, which rolled out a rule capping credit card late fees at $8. The bureau wanted the lawsuit to proceed in the District Court for the District of Columbia, but the Fifth Circuit slapped this down twice; the Fort Worth Chamber of Commerce has associational standing to bring the suit in Fort Worth even though none of the banks or credit card companies actually affected by the rule are parties to this suit, nor are headquartered in Fort Worth. The rule is still barred from enforcement as a preliminary matter.