The Consumer Financial Protection Bureau (CFPB) finalized its proposed rule to cap credit card late fees earlier this year. It was immediately met with opposition by industry and trade groups. In addition to the CFPB exceeding its authority, there were concerns about the unintended consequences of the proposal. By not allowing credit card companies to collect late fees from cardholders who don’t pay on time, those costs would be passed onto those who do pay on time in the form of increased annual fees, a reduction in rewards benefits, etc.

The consequences of the proposed rule are beginning to come to fruition. According to The Independent, Chase – the largest consumer bank in the country with 86 million customers and one of the largest credit card issuers – warned that its checking accounts would no longer be free of charge if the credit card late fee rule goes into effect. This would have ramifications not just for everyday customers, but small businesses who rely on credit cards for routine business expenses.

This is why the Fort Worth Chamber signed on as co-plaintiffs to challenge the CFPB’s proposed rule earlier this year. After winning a nationwide preliminary injunction in May, the rule is temporarily halted from going into effect and awaits future legal developments. The FWC will remain committed to supporting pro-business policies and opposing harmful legislative or regulatory actions.

In Case You Missed It

National

• Axios | June CPI report: Inflation cools again in another positive sign for U.S. economy
• New York Times | Judge Backs Challenge to F.T.C.’s Noncompete Ban, at Least for Now
• Mondaq | Internal Revenue Service Releases Final Rules On IRA Wage And Apprenticeship Requirements

State and Local

• KVUE | Gov. Abbott seeks to double Texas Energy Fund to meet grid demand
• NBC DFW | Fort Worth group aims to help students get jobs in automotive industry
• Fort Worth Report | Fort Worth judges appointed to new statewide business court system
• Tribune | Texas cities lost 88 billion gallons of water in 2023
• TXOGA | 2023 Annual Energy & Economic Impact Report
• Fort Worth Report | No more price hikes: Tarrant County child care centers react to new property tax relief
• Fort Worth Report | Commentary: The horse is out of the barn when it comes to regional transportation
• WFAA | Proposed high-speed rail line between Dallas and Fort Worth could bypass downtown Dallas
• Morning News | Inflation, traffic are among top concerns for North Texans, early survey results show

Upcoming Dates

• July 16: Tarrant County Commissioners Court, 10 a.m. at G.K Maenius Administration Building
• August 6: Fort Worth City Council Meeting, 1 p.m. at City Hall

August 23: State of the County [More info]