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submitted 3 weeks ago by [email protected] to c/[email protected]

cross-posted from: https://lemmy.world/post/15534296

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] 12 points 3 weeks ago

WTF

I was going to say more but that’s really all I can think.

WTF

[-] [email protected] 10 points 3 weeks ago

Those billionaires really got the judiciary in their pockets.

And lobbying which is banned in most countries because it is a legalized form of corruption makes it even worse.

this post was submitted on 20 May 2024
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