Judge blocks Biden administration rule capping credit card late fees at $8 | CNN Business
www.cnn.com
A federal judge in Fort Worth, Texas, on Friday blocked a new Biden administration rule that would prohibit credit card companies from charging customers late fees higher than $8.

A federal judge in Fort Worth, Texas, on Friday blocked a new Biden administration rule that would prohibit credit card companies from charging customers late fees higher than $8.

US District Judge Mark T. Pittman, an appointee of former President Donald Trump, granted a preliminary injunction to several business and banking organizations that allege the new rule violates several federal statutes.

These organizations, led by the right-leaning US Chamber of Commerce, sued the Consumer Financial Protection Bureau after the rule was finalized in March. The rule, which was set to go into effect Tuesday, would save consumers about $10 billion per year by cutting fees from an average of $32, the CFPB estimated.

  • madcaesar@lemmy.world
    0·
    6 months ago

    I want stories like this bombarded at the morons on here saying Biden does nothing and both sides are the same.

    This Trump fucker is actively fighting for mega corps.

    • UnderpantsWeevil@lemmy.world
      0·
      6 months ago

      I want stories like this bombarded at the morons on here saying Biden does nothing

      Biden putting up rules and then failing to enforce them because of a predictable Texas appeallate court issuing a predictable injunction amounts to nothing.

      Biden had the opportunity to pack the courts back in 2021 and… didn’t. He still has the opportunity, right now, while he has a Senate majority.

      This isn’t just a Biden problem. I could name a dozen of Senate Dems who paved the way for a stacked court, going back to the McCain-friendly Democrats caving to Frist’s Nuclear Option back in 2005 (senior senator from Delaware whatsisface notwithstanding).

      But this is a kind of learned liberal helplessness, when a guy like Biden can throw you an empty headline and get “See! He tried to do something! We just need to give him 2009 supermajorities before they’ll work!” Meanwhile, if any Republican wins any branch of any level of government, that’s all they need to eviscerate democracy forever.