Judge Delays Credit Card Up-Front Fee Rule Change

Law360, Chicago (September 27, 2011, 6:59 PM EDT) -- A South Dakota federal judge on Friday granted First Premier Bank's bid to halt the Saturday effective date of a new rule that would restrict the up-front fees credit card companies could charge cardholders before opening their accounts.

U.S. District Judge Karen E. Schreier issued a preliminary injunction in the bank's suit against the Consumer Financial Protection Bureau and U.S. Secretary of the Treasury Timothy Geithner challenging an amendment to the Credit Card Accountability, Responsibility and Disclosure Act of 2009.

The rule change would extend the...
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