Late Fees Cap Shock: Biden Administration Plan Halted by Texas Judge – Big Banks Rejoice!
Los Angeles, California – A federal judge in Texas has issued a temporary halt on the Biden administration’s plan to reduce credit card late fees to $8, which was scheduled to take effect next week. The injunction from Judge Mark Pittman in the Northern District of Texas comes as a victory for major banks and credit card companies, who profit significantly from late fees and sought to block the proposed changes. The U.S. Chamber of …