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Judge blocks Biden administration rule capping credit card late fees at $8 (www.cnn.com)

submitted 7 months ago by MicroWave to c/news

152 comments fedilink hide all child comments

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.

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[–] [email protected] 21 points 7 months ago (1 children)

Those people aren't Trump voters, they are tankies at best and accelerationists at worst (with a generous helping of foreign sockpuppets too)

[–] barsquid 15 points 7 months ago (1 children)

They want Donald in office because it is better for China. They don't give a shit about Uyghur genocide or the fact that "socialist" China is producing billionaires.

[–] Cryophilia 2 points 7 months ago

I miss when MAGAs hated China and Russia. It was the one good thing about them.