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.

  • Ensign_Crab@lemmy.worldEnglish
    31·
    6 months ago

    Same as me: the least shitty option.

    I’m voting for Biden this time around, too. I voted for Clinton in '16. And I’m going to gripe about it the whole fucking time.

    That doesn’t mean that centrists oppose Republicans harder than they oppose progressives, and it doesn’t mean they don’t work with Republicans to shut down progressive policy.