June 18 (Reuters) – The U.S. Consumer Financial Protection Bureau on Tuesday suffered a jurisdictional setback in a lawsuit challenging its new rule capping credit card late fees at $8 when a federal appeals court held the case should stay in Texas and not be sent to a judge in Washington, D.C.
The ruling, opens new tab by a three-judge panel of the New Orleans-based 5th U.S. Circuit Court of Appeals was a victory for business and banking groups challenging a key part of the crackdown by President Joe Biden’s administration on “junk fees.”
Source: REUTER
