"The U.S. Chamber got its way for now—ensuring families get price-gouged a little longer with credit card late fees as high as $41," one advocate said of the ruling.

A Trump-appointed judge on Friday delivered a win for big banks when he granted the U.S. Chamber of Commerce a temporary injunction halting a Biden administration rule that would cap credit card fees at $8.

The Consumer Financial Protection Bureau (CFPB) rule, which would have gone into effect May 14, could save U.S. consumers more than $10 billion each year. The decision to pause its implementation, issued by U.S. District of the Northern District of Texas Judge Mark Pittman, will cost ordinary Americans around $27 million each day it is in effect.

  • Admiral Patrick@dubvee.orgEnglish
    11·
    7 months ago

    could save U.S. consumers more than $10 billion each year

    That’s $10 billion a year in free money the banks will lose out on. No wonder they’re fighting this: that’s a big chunk of money they get for doing absolutely nothing.

    • SoupBrickEnglish
      4·
      7 months ago

      Agreed, but they aren’t doing nothing. They are actively taking advantage of people who are financially struggling.