Judge blocks Biden administration rule capping credit card late fees at $8 | CNN Business
www.cnn.com
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@lemmy.world
    32·
    6 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_Crab@lemmy.worldEnglish
      12·
      6 months ago

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