Late Fees Blocked by Judge in Credit Card Crackdown – How This Rule Could Save Consumers $10 Billion/year
New York – A federal judge in Fort Worth, Texas, has halted a new Biden administration rule designed to prevent credit card companies from imposing late fees exceeding $8. The rule, which was set to take effect on Tuesday, was blocked by US District Judge Mark T. Pittman following a lawsuit filed by several business and banking organizations. These groups, led by the US Chamber of Commerce, argue that the rule violates federal statutes. The …