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.

  • @nutsack
    -10•7 months ago

    did Joe Biden know he was going to do this

    • @[email protected]
      3•7 months ago

      ??? Do what?

      The CFPB agency announced it would no longer allow credit card companies to adjust fees based on inflation, a loophole in the CARD act, and then a federal judge appointed by Trump blocked it.