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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] 1 points 7 months ago (1 children)

Without late fees there is no incentive to pay on time. I don't understand the rationale to remove them entirely, though regulating maximums makes sense.

[–] a_fancy_kiwi 1 points 7 months ago

I disagree. The 20-30% interest a lot of credit cards have is enough of a reason to pay on time.