Court Injunction Delaying Late Fee Rule Implementation

"We welcome today’s U.S. District Court ruling to pause implementation of the Consumer Financial Protection Bureau’s final rule limiting credit card late fees set to take effect next week. This injunction will spare banks from having to immediately comply with a rule that clearly exceeds the CFPB’s statutory authority and will lead to more late payments, lower credit scores, increased debt, reduced credit access and higher APRs for all consumers – including the vast majority of card holders who pay on time each month. We thank our co-plaintiffs for their collaboration, and we look forward to the Court ultimately ruling on the merits of our case."

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The American Bankers Association is the voice of the nation’s $23.9 trillion banking industry, which is composed of small, regional and large banks that together employ approximately 2.1 million people, safeguard $18.8 trillion in deposits and extend $12.5 trillion in loans.

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ABA Applauds Court Injunction Delaying Late Fee Rule Implementation

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