US EditionJudge scraps US rule capping credit card late fees at $8
- A Texas judge ruled to throw out a Consumer Financial Protection Bureau rule that capped credit card late fees at $8, as both the CFPB and banking groups agreed it was illegal due to violations of the CARD Act.
- U.S. District Judge Mark Pittman stated the rule violated the Credit Card Accountability and Disclosure Act by prohibiting card issuers from charging fees that are reasonable and proportional to violations.
- Banking groups argued that the rule could lead to more late payments, lower credit scores, and higher interest rates for consumers, calling Pittman's order a 'win for consumers and common sense.'
- The CFPB was created after the 2008 financial crisis to protect consumers from unfair practices, but it has faced challenges and attempts to dismantle it under the Trump administration.
109 Articles
109 Articles
Texas judge blocks federal rule intended to reduce credit card late fees
A federal judge in Texas vacated a Consumer Financial Protection Bureau (CFPB) regulation on Tuesday. The ruling by Judge Mark Pittman, a federal district court judge for the Northern District of Texas, removes many previous caps from credit card late fees. This comes amid a flurry of court decisions involving the CFPB, as the Trump administration aims to significantly reduce the agency’s scope. Tuesday’s ruling comes in response to a lawsuit fi…
St Louis Post-Dispatch
Dothan EagleTexas judge throws out capped credit card fees
HOUSTON — A Texas judge threw out a federal rule Tuesday that would have capped credit card late fees after officials with President Donald Trump's administration and a coalition of major banking groups agreed that the rule was illegal.
Protesters Rally in Durham against Cuts to the Consumer Financial Protection Bureau
Dozens of protesters lined the sidewalk in front of Bank of America at the corner of Gregson Street and Club Boulevard in Durham Monday evening, waving signs to defend the agency responsible for regulating the institution looming behind them. The demonstration comes amid the Trump administration’s ongoing crusade to dismantle the Consumer Financial Protection Bureau (CFPB), which employs a number of Durham residents, including four federally app…
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