Texas judge moves late fee case to DC, accusing banks of venue shopping for favorable ruling

President Joe Biden sits after speaking during a meeting with his Competition Council in the State Dining Room of the White House in Washington, Tuesday, March 5, 2024. – A Texas federal judge on Thursday accused the major banking industry groups and U.S. Chamber of Commerce of venue shopping in their lawsuit against the Consumer Financial Protection Bureau, a major win for the federal regulator.

The banks have been pushing hard to stop the late fee rule, due to the potential billions the banks would lose in revenue. The bureau estimated when it issued the proposal that banks brought in roughly $14 billion in credit card late fees a year. The CFPB had argued that Texas was an irrelevant place to file a banking industry regulation lawsuit, saying that Washington, with its location closer to regulators and expertise in industry regulation law, was more appropriate."In fact, as far as this Court can discern, not one of the banks or credit card companies directly affected by the future is located in the Fort Worth Division,” he said.

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