Judge blocks Biden administration rule capping credit card late fees at $8 | CNN Business
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A federal judge in Fort Worth, Texas, on Friday blocked a new Biden administration rule that would prohibit credit card companies from charging customers late fees higher than $8.

A federal judge in Fort Worth, Texas, on Friday blocked a new Biden administration rule that would prohibit credit card companies from charging customers late fees higher than $8.

US District Judge Mark T. Pittman, an appointee of former President Donald Trump, granted a preliminary injunction to several business and banking organizations that allege the new rule violates several federal statutes.

These organizations, led by the right-leaning US Chamber of Commerce, sued the Consumer Financial Protection Bureau after the rule was finalized in March. The rule, which was set to go into effect Tuesday, would save consumers about $10 billion per year by cutting fees from an average of $32, the CFPB estimated.

  • @Cryophilia
    2•7 months ago

    Slow progress is still progress. It’s in the name.

    • @Ensign_CrabEnglish
      -2•7 months ago

      One step forward is a step forward if you ignore all the steps back.

      • @Cryophilia
        1•7 months ago

        Progressives aren’t the one stepping back. We’re being dragged back by Republicans. Don’t blame us for that shit, we’re trying to move forward.

        • @Ensign_CrabEnglish
          -1•7 months ago

          Progressives aren’t stepping anywhere thanks to the efforts of centrists and Republicans working together to block progressive policy.

          • @Cryophilia
            1•7 months ago

            “Centrists” in this case meaning who, specifically?