Litigation

The federal court judge determined that Federal Reserve banks are not obligated to grant master accounts. The decision set a precedent that has already been cited in another case.

Judge Mark T. Pittman sided with the Consumer Financial Protection Bureau in ordering the case be moved from Texas to the District of Columbia due to "forum shopping."

A lawsuit filed by the American Fintech Council and two other trade groups has implications for other states that also want to keep out high-cost consumer lenders.

American Bankers Association CEO Rob Nichols argued Tuesday that the trade group had no choice but to sue federal agencies that "overstepped" their authority. Former Trump-appointed regulators expressed support for the industry's increased willingness to take its overseers to court.

Judicial review of bad rulemaking is a right that all regulated industries enjoy. But some industries avail themselves more than others, and the ones that rely on it the most tend to get worse policies. Banks should take notice.

A Texas judge ordered the U.S. Chamber of Commerce to explain why it sued the Consumer Financial Protection Bureau in Texas to halt the bureau's $8 credit card late fee rule after the bureau filed a motion accusing the trade group of "forum shopping."

A Texas judge has recused himself from a case that pits the largest credit card issuers against the Consumer Financial Protection Bureau and a rule that would eliminate $10 billion in late fees.

The Consumer Financial Protection Bureau claims trade groups have no jurisdiction to file a lawsuit in Texas to stop the bureau's $8 credit card late fee rule, saying the plaintiffs engaged in "forum-shopping" to seek the most favorable outcome.

Top banking regulators reaffirmed their commitment to bolstering the Community Reinvestment Act despite a court challenge, emphasizing their personal dedication to seeing the rule implemented.

Banco San Juan Internacional is suing the Federal Reserve Bank of New York and the Board of Governors in Washington claiming they wrongfully terminated its access to the federal payments system.