Judge Scraps US Rule Capping Credit Card Late Fees at $8
Demonstrators take part in a protest by the Consumer Financial Protection Bureau (CFPB) building, the day after members of Elon Musk's Department of Government Efficiency (DOGE) moved into the CFPB, in Washington, U.S. February 8, 2025. (REUTERS File)
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(Reuters) – A federal judge on Tuesday threw out a U.S. Consumer Financial Protection Bureau rule capping credit card late fees at $8, after the agency agreed with opponents that the rule adopted during President Joe Biden’s administration was illegal.
U.S. District Judge Mark Pittman in Fort Worth, Texas granted a joint request by the CFPB and a coalition of business and banking groups including the U.S. Chamber of Commerce and American Bankers Association to scrap the rule.
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(Reporting by Jonathan Stempel in New York)
