Federal judge temporarily halts Biden plan to lower credit card late fees to $8
Time:2024-06-03 21:07:47 Source:opinionsViews(143)
LOS ANGELES (AP) — A federal judge in Texas temporarily halted a plan by the Biden administration to lower late fees on credit cards to $8 that was slated to go into effect next week.
The temporary nationwide injunction imposed by Judge Mark Pittman in the Northern District of Texas is a win for the big banks and major credit card companies, which collect billions in revenue each year in late fees and were looking to stop the proposal from going into effect. It is also a win for the U.S. Chamber of Commerce, which led the lawsuit on behalf of the banks.
The new regulations that were proposed by Consumer Financial Protection Bureau would have set a ceiling of $8 for most credit card late fees or require banks to show why they should charge more than $8 for such a fee.
The rule would bring the average credit card late fee down from $32. The bureau estimates banks bring in roughly $14 billion in credit card late fees a year.
Previous:Woman pleads guilty to negligent homicide in death of New York anti
Next:Olivia Dunne toasts boyfriend Paul Skenes on his 22nd birthday as he dominates for the Pirates
You may also like
- Simone Biles performs in front of her mom and NFL husband at Paris Olympics preparations
- China Steps up Judicial Protection for Women, Children: Reports
- 15th Serfs' Emancipation Day Marked in Tibet, SW China
- Nation's Population Drops for First Time in 6 Decades
- Give free passports to Britain's heroes: On the eve of D
- Grocery Store in Rural China Now Community E
- Tibetan New Year Marked with Joy and Hope
- Couples Marry First a Bit Later in Hangzhou
- Taurasi hits 7 3s, scores 31 to help Mercury beat Sparks 87