A federal judge temporarily halts U.S. plan to lower credit card late fees to $8 [View all]
LOS ANGELES — A federal judge in Texas temporarily halted a plan by the Biden administration to lower late fees on credit cards to $8 that was slated to go into effect next week.
The temporary nationwide injunction imposed by Judge Mark Pittman in the Northern District of Texas is a win for the big banks and major credit card companies, which collect billions in revenue each year in late fees and were looking to stop the proposal from going into effect. It is also a win for the U.S. Chamber of Commerce, which led the lawsuit on behalf of the banks.
The U.S. sharply limits how much credit cards can charge you in late fees
ECONOMY
The U.S. sharply limits how much credit cards can charge you in late fees
The new regulations that were proposed by Consumer Financial Protection Bureau would have set a ceiling of $8 for most credit card late fees or require banks to show why they should charge more than $8 for such a fee.
The rule would bring the average credit card late fee down from $32. The bureau estimates banks bring in roughly $14 billion in credit card late fees a year.
https://www.npr.org/2024/05/11/1250770323/credit-card-late-fees-ruling-delay
He's a Trump appointed member of the Federalist Society.
Once again, the unseen hand of the Federalist Society tilts the scale of our judicial system.
Is anyone surprised?
The Federalist Society is a hate group.
They hate America.
They just wear a different kind of robe.
= new reply since forum marked as read
