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The Committee on Codes of Conduct of the Judicial Conference of the United States (Committee) has unanimously concluded that Fifth Circuit Judge Willett is not required to recuse in the trade group plaintiffs’ appeal in their lawsuit challenging the CFPB’s final credit card late fee rule (Rule).

Last Friday, pursuant to a directive issued by the Clerk of the Fifth Circuit, the trade group plaintiffs and the CFPB filed letter briefs with the Fifth Circuit regarding whether an ownership interest in a nonparty large credit card issuer would be substantially affected by the outcome of the case. … Continue Reading

Last Friday, a divided panel of the U.S. Court of Appeals for the Fifth Circuit vacated the district court’s order transferring the case challenging the CFPB’s final credit card late fee rule (Rule) to the U.S. District Court for the District of Columbia.  The Fifth Circuit also issued a writ of mandamus directing the district court “to reopen the case and give notice to D.D.C.… Continue Reading

The U.S. Court of Appeals has extended until 5 p.m. CT tomorrow its administrative stay of the district court’s order transferring the case to the U.S. District Court for the District of Columbia.  This is the Fifth Circuit’s second extension of its stay order, with the first extension having expired at 5 p.m.… Continue Reading

Last week ended with an intense flurry of activity in the lawsuit challenging the CFPB’s final credit card late fee rule (Rule).  The flurry followed the plaintiffs’ March 25 filing of a Notice of Appeal after the district court denied their motion for expedited consideration of their preliminary injunction motion.  In their Notice of Appeal, the plaintiffs assert that the denial of their motion for expedited consideration effectively denied their request for meaningful preliminary injunctive relief.… Continue Reading

The Texas federal district court hearing the lawsuit challenging the CFPB’s final credit card late fee rule (Rule) issued an order today setting April 2 as the date for a hearing on the plaintiffs’ motion for a preliminary injunction.  Yesterday, the plaintiffs filed a notice that they are appealing to the Fifth Circuit the Texas federal district court’s “effective denial” of their motion for a preliminary injunction. … Continue Reading

Yesterday, the CFPB filed a notice with the Texas federal district court stating that it intends to move to transfer the lawsuit challenging the CFPB’s final credit card late fee rule (Rule).  The notice was filed pursuant to an order entered by the court on March 18 questioning whether the Fort Worth Division of the Northern District of Texas is the correct venue to hear the lawsuit.… Continue Reading

On March 5, 2024, the CFPB issued its final credit card late fees rule which lowers the safe harbor late fee amount that can be charged by issuers other than “smaller card issuers” to $8.  While the drastically reduced safe harbor amount has garnered the most attention, the final rule includes other significant changes that merit attention by both smaller and large card issuers. … Continue Reading

On December 13, 2023, New York Governor Hochul signed two laws, which aim to protect consumers from (1) unwanted subscriptions by requiring notice to consumers for upcoming automatic renewals with clear instructions for canceling, and (2) confusion over prices by requiring merchants to post the highest price a consumer may pay for a product regardless of payment method.… Continue Reading

The Consumer Bankers Association has issued the third and fourth blog posts in its four-part “Facts Matter” blog series on how the CFPB’s public statements can mislead market observers by painting  a picture of the credit card marketplace that is inconsistent with the CFPB’s October 2023 report (Report) under the Credit Card Accountability Responsibility and Disclosure Act.… Continue Reading

The Board of Governors of the Federal Reserve (FRB) is holding an open meeting on October 25, 2023 to discuss proposed revisions to the Board’s debit interchange fee cap contained in Regulation II, which implemented the Durbin Amendment.  For large issuers (with $10 billion or more in assets), Section 235.3(a) of Regulation II requires an issuer to charge interchange fees that are “reasonable and proportional to the cost incurred by the issuer with respect to the electronic debit transaction” and Section 235.3(b) of Regulation II caps such fees at 21 cents plus 0.05% of the transaction.… Continue Reading