Reported 20 days ago
A federal judge in Texas has denied a request from the Consumer Financial Protection Bureau (CFPB) to lift an injunction blocking a new regulation that caps credit card late fees at $8, a measure challenged by business groups. Judge Mark Pittman maintained that the rule conflicts with the Credit Card Accountability and Disclosure Act and indicated that the CFPB overstepped its authority by imposing such limits on penalty fees. The CFPB argues that this ruling allows large banks to continue charging excessive late fees, estimating that Americans could face over $56 billion in fees in the coming years.
Source: YAHOO