A Texas federal judge recently made a significant ruling in a lawsuit involving major banking industry groups and the Consumer Financial Protection Bureau (CFPB). The judge accused the banking groups and the U.S. Chamber of Commerce of engaging in venue shopping, a practice where plaintiffs choose a specific location to increase their chances of a favorable outcome.
The lawsuit in question pertains to the CFPB's new regulations on credit card late fees, which aim to cap the average late fee for customers at $8, down from the previous average of $32. The major banking groups had initially filed their lawsuit in the U.S. District Court in the Northern District of Texas, known for its historically conservative judges.
