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