On March 12, the CFPB and its Acting Director, Russell Vought, filed a status report in the U.S. District Court for the Northern District of Texas in response to the court’s order requesting clarification on how the CFPB plans to proceed in the ongoing case brought against the CFPB’s credit card late fee final rule (complaint covered by InfoBytes here and final rule covered here).
According to the filing, the CFPB has initiated discussions with plaintiffs’ counsel to explore potential resolutions to the case considering the recent changes in Bureau leadership. In the status report, the Bureau expressed optimism that an agreement might be reached within 30 days but requested additional time to determine if a resolution is feasible.
On March 13, the district court subsequently ordered a stay on all deadlines in a case. The court noted in its order that if no resolution is reached in the next 30 days, then the parties will be ordered to file a joint status report.
