May 4, 2013

Judge Dismisses Lawsuit Over Upfront Card Fees

SIOUX FALLS, S.D. (AP) – A federal lawsuit that aimed to stop a watchdog agency from enforcing credit card rules limiting upfront fees has been dismissed.

U.S. District Judge Karen Schreier on Tuesday dismissed the suit by First Premier Bank and Premier Bankcard against the U.S. Consumer Financial Protection Bureau and its director, Richard Cordray.

A provision of the Credit Card Accountability and Responsibility and Disclosure Act of 2009 was to limit the amount companies could charge before issuing a new card to 25 percent of the card’s credit limit.

But both sides filed motions to dismiss after the bureau changed the proposed rules so they do not apply to fees paid prior to account opening.

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