CFPB Litigation: For Those Who Came in Late

Longtime fans of the Phantom comic strip know that, when the plot becomes particularly complex, the strip’s author will make a cameo and give an update, announced by the phrase “For Those Who Came in Late!” In that spirit, 600Camp provides an update about the ongoing litigation about a CFPB rule involving credit-card late fees:

• On May 7, President Biden touted the rule in his State of the Union address.
• May 10, Judge Pittman enjoined the rule, based on a Fifth Circuit case about the CFPB’s funding that the Supreme Court overruled a few days later;
• On May 28, Judge Pittman granted the CFPB’s renewed motion to transfer the case to the District of Columbia (after an earlier transfer order was reversed by the Fifth Circuit, based on the procedural interplay between the injunction application and transfer motion);
• A new mandamus petition followed, leading to an administrative stay of the transfer order until mid-June along with a request for a reponse to the petition.