Trump-appointed judge halts Biden administration credit card late fee cap ...Middle East

The Hill - News

A former President Trump-appointed judge in Texas halted President Biden’s administration’s plan to decrease late fees on credit cards to $8. The new rule, which was set to take place next week, was stopped with US District Judge Mark T. Pittman issuing a preliminary injunction, a decision beneficial to credit card companies and big banks. The lawsuit against the Consumer Financial Protection Bureau (CFPB) was led by the US Chamber of Commerce. They alleged, along with other banking organizations, that the rule, finalized in early March, was in violation of several federal acts. CFPB’s rule, which was planned to be active on Tuesday, was designed to save more than $10 billion

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Last updated : 11 May 2024 clock 10:37 PM

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Trump-appointed judge halts Biden administration credit card late fee cap ...Middle East

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