2 days ago
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A Texas federal judge has ruled against a Biden-era regulation that would have capped credit card late fees at $8, terminating a major initiative by the Consumer Financial Protection Bureau (CFPB) to restrict what it labelled "junk fees."
The decision is being regarded as a legal and political win for financial industry groups that resisted the regulation.
What Happened: U.S. District Judge Mark Pittman dismissed the CFPB rule, finalized in March 2024, after both the agency and six major business associations agreed it was unlawful. The rule was meant to save consumers ...
