Skip to main content

mastodon - Link to source
Every American should know that the Chamber of Commerce and American Bankers Association literally teamed up with the Trump administration on Monday to end the CFPB rule limiting big credit card providers to an $8 late fee. Today, in light of the agreement, the rule was vacated.
IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF TEXAS FORT WORTH DIVISION CHAMBER OF COMMERCE OF THE UNITED STATES OF AMERICA; FORT WORTH CHAMBER OF COMMERCE; LONGVIEW CHAMBER OF COMMERCE; AMERICAN BANKERS ASSOCIATION; CONSUMER BANKERS ASSOCIATION; and TEXAS ASSOCIATION OF BUSINESS, Plaintiffs, V. CONSUMER FINANCIAL PROTECTION BUREAU; and RUSSELL VOUGHT, in his official capacity as Acting Director of the Consumer Financial Protection Bureau, Defendants. Case No.: 4:24-cv-213-P JOINT MOTION FOR ENTRY OF CONSENT JUDGMENT Defendants the Consumer Financial Protection Bureau and Russell Vought (collectively, the Bureau) and Plaintiffs' jointly move for (i) the entry of a consent judgment as to one claim contained in Count Il of the Complaint (ECF 1) and (ii) dismissal of all other claims in the complaint with prejudice, including those contained in Counts I, III, IV, and V.
ORDER & FINAL JUDGMENT Before the Court is the Parties' Joint Motion for Entry of Consent Judgment. ECF No. 149. Having considered the Motion, relevant docket entries, and applicable law, the Court GRANTS the Motion. Accordingly, the Court hereby VACATES the rule entitled, Credit Card Penalty Fees, 89 Fed. Reg. 19128 (Mar. 15, 2024), for failure to allow card issuers to "charge penalty fees reasonable and proportional to violations," in violation of the Credit Card Accountability and Disclosure Act, 15 U.S.C. § 1665d(a), and the Administrative Procedure Act, 5 U.S.C. § 706(2), as alleged in Count II of the Complaint. All other claims in the Complaint, including those contained in Counts I, III, IV, and V, are DISMISSED with prejudice. This final judgment is issued pursuant to Federal Rule of Civil Procedure 58(a). The Clerk of the Court shall transmit a true copy of this judgment to the Parties. SO ORDERED on this 15th day of April 2025. MARK T. PITTMAN UNITED STATES DISTRICT JUDGE
⇧