Center for Political Awareness

Texas Judge Blocks Biden Administration Rule Capping Credit Card Late Fees at $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.
A new rule blocked by a federal judge is intended to close a 2010 loophole the Consumer Financial Protection Bureau says has been “exploited” by credit card companies to hike fees on late payments. Oleksandra Yagello/Moment RF/Getty Images
 

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.

Click here for full article.

Leave a Reply

2.5" Vinyl Sticker

with each Donation

Enjoying what your are reading. Please donate to help with our operating expenses. Thank you!

Enjoying what your are reading. Please donate to help with our operating expenses. Thank you!

Find your US Representative: Click Here