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.

    • nickwitha_k (he/him)@lemmy.sdf.org
      15·
      6 months ago

      US Chamber of Commerce is a Conservative lobby group with a name meant to sound innocuous. Local CoCs run the gamut but are generally for small to mid businesses to network and collectively engage when the local government. Kinda like a union but for bosses.

    • Jimmycakes@lemmy.world
      9·
      6 months ago

      It’s just a made up private company like the better business bureau. The try to seem official or related to government but it’s just another company.