Reported about 19 hours ago
A federal judge has nullified a rule by the U.S. Consumer Financial Protection Bureau that capped credit card late fees at $8, deeming it illegal and unconstitutional. The rule, designed to lower typical late fees and part of President Biden's efforts against 'junk fees', was challenged by business groups who argued it violated the Credit Card Accountability and Disclosure Act. The ruling represents a pushback against regulations implemented during the Biden administration as the Trump administration continues to roll back measures seen as detrimental to businesses.
Source: YAHOO