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ARTICLE · 17 MAY 2024

CFPB Credit Card Late Fee Rule Stayed . . . For Now

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On May 10, the United States District Court for the Northern District of Texas granted the credit card industry at least a temporary reprieve from a CFPB...

United StatesFinance and Banking
Eric T. Mitzenmacher
Eric T. Mitzenmacher
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On May 10, the United States District Court for the Northern District of Texas granted the credit card industry at least a temporary reprieve from a CFPB rulemaking that would have restricted late fees on consumer credit cards significantly (as described in more detail in our prior Legal Update).

The rule, otherwise slated to become effective May 14, has been stayed after the court granted the industry groups plaintiffs motion for a preliminary injunction. In evaluating key factors relevant to the injunction, however, the court based its determination of plaintiffs' likelihood of success on the merits entirely on the Fifth Circuit's prior opinion that the CFPB's funding structure is unconstitutional. That matter is currently under consideration by the United States Supreme Court in CFPB v. CFSA, with an opinion anticipated before the Court's summer recess. Accordingly, the stay may need to be revisited in the short-run—with greater consideration of the strength of

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