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.

  • @jake_jake_jake_@lemmy.world
    2•7 months ago

    or they don’t want to give free sound clips taken out of context for attack ads?

    and would you put executive privilege in quotes if it was the broke cheeto man?

    • @disguy_ovahea@lemmy.world
      7•7 months ago

      That’s how right wing news reports it. I didn’t mean to imply wrongdoing myself. I edited to remove the quotes. I’m in complete agreement of his decision. There’s absolutely no need for the recordings other than to truncate them and use them out of context.