The Consumer Financial Protection Bureau announced a new rule to cap fees on late credit card payments at $8 a month, intending to save American households $10 billion annually.
A federal judge in Fort Worth halted the rule, supporting bank lobbyists' claims of unconstitutionality. The rule aimed to limit issuers' fees unless needed for collection costs.
Rohit Chopra stated the rule would hold credit card companies accountable for raising fees, with President Biden supporting it against industry opposition led by the U.S. Chamber of Commerce.
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