Last Wednesday, the U.S. District Court for the District of Columbia terminated on its docket the case challenging the CFPB’s final credit card late fee rule (Rule) which had been transferred to D.D.C. by the Texas federal district court. The termination occurred after the Texas court entered an order reopening the case and providing notice to D.D.C.… Continue Reading
Alan S. Kaplinsky
Lawmakers and AFSA oppose future arbitration rulemaking
By Mark J. Levin & Alan S. Kaplinsky on
In connection with the petition to ban pre-dispute consumer arbitration agreements pending before the Consumer Financial Protection Bureau (CFPB) and a recent Senate Judiciary Committee hearing on “forced arbitration,” Congressman Andy Barr (R-Ky.) and Senator Thom Tillis (R-N.C.) and the American Financial Services Association (AFSA) have voiced their strong opposition to further regulation of consumer arbitration. … Continue Reading
Oh, won’t you stay (enforcement): Plaintiffs seek preliminary injunction in Colorado interest rate preemption opt-out challenge
Posted in Litigation and Court Decisions, Usury
Colorado’s attempt to opt out of interest rate exportation by out-of-state, state-chartered banks ultimately will fail, and will cause irreparable harm in the interim: therefore, enforcement of the opt out should be preliminarily enjoined, according to the plaintiffs’ Motion for Preliminary Injunction (the “Motion”) filed April 2, 2024 in federal district court in Colorado in NAIB et al.… Continue Reading
Texas federal district court reopens lawsuit challenging CFPB final credit card late fee rule and notifies D.D.C. to disregard transfer; Fifth Circuit to consider whether judge’s interest in large credit card issuer triggers recusal requirement
Yesterday, the Texas federal district court entered an order reopening the case challenging the CFPB’s final credit card late fee rule (Rule) which it had transferred to the U.S. District Court for the District of Columbia and providing notice to the D.C. court that “the transfer was without jurisdiction and should be disregarded.”… Continue Reading
Fifth Circuit vacates district court order transferring to D.D.C. lawsuit challenging CFPB final credit card late fee rule
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
A fresh idea for the consumer financial services industry
By Alan S. Kaplinsky on
Posted in Litigation and Court Decisions
I have been thinking about what the banking and consumer financial services industry might do to deter state attorneys general and banking agencies from seeking to enforce statutes or promulgating regulations that run afoul of provisions of the U.S. Constitution, like the Supremacy Clause, Commerce Clause, etc. My idea might even deter state legislatures from enacting Constitutionally-flawed statutes in the first place. … Continue Reading
Fifth Circuit extends stay of district court order transferring to D.C. lawsuit challenging CFPB final credit card late fee rule; CFPB files opposition to petition for writ of mandamus
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
Texas federal court enters order transferring to D.C. federal court lawsuit challenging CFPB final credit card late fee rule; Fifth Circuit stays transfer order until April 2
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
Plaintiffs in credit card late fee rule case ask Fifth Circuit to keep appeal even though the district court has scheduled a preliminary injunction hearing
On March 26, 2024, the plaintiffs in the lawsuit challenging the CFPB’s final credit card late fee rule (“Final Rule”) filed a Notice Regarding Their Emergency Motion for Injunction Pending Appeal and Administrative Stay in the Fifth Circuit. Plaintiffs, who noticed their interlocutory appeal of the federal district court’s “effective denial” of their motion for a preliminary injunction on Tuesday, asked the appeals court to allow the appeal to continue even though the district court has scheduled an April 2, 2024 hearing on their motion for a preliminary injunction.… Continue Reading
Opt-out challenge case assigned to Colorado federal Judge Daniel D. Domenico
By Alan S. Kaplinsky on
As we previously reported, on March 25, 2024, three consumer financial services industry trade groups filed a lawsuit in federal district court in Colorado challenging legislation recently adopted to opt out of rate exportation rights afforded to state banks under federal law. National Association of Industrial Bankers et al. v.… Continue Reading