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.

  • Serinus@lemmy.world
    510·
    6 months ago

    If we’re waiting for one party to collapse, it should probably be the fascists.

    • GreyEyedGhost@lemmy.ca
      92·
      6 months ago

      Likewise, a concerted effort should be able to change the direction of a party. I honestly can’t say if that’s feasible in American politics.

      • Serinus@lemmy.world
        1·
        5 months ago

        It’s happened multiple times in the past couple decades. Look at how the tea party took over the Republican party. There have also been the blue dog democrats and the Bernie social Dems. They haven’t taken over the way the tea party has, but they’ve both tugged at the direction of the party.