Judge Orders Venue Change in Banks' Lawsuit Against CFPB Credit Card Fee Caps

• Judge ruled lawsuit against CFPB over credit card fee caps should transfer from Texas to Washington, D.C. • Judge accused banking industry of "venue shopping" to find favorable ruling • CFPB rule would cap average late fees at $8, down from current $32 average • Banks earn $14B annually in credit card late fees, so have incentive to stop rule • Judge said Texas venue inappropriate since no directly affected banks located there