Federal judge temporarily halts Biden plan to lower credit card late fees to $8
Source: ABC News/AP
May 10, 2024, 7:40 PM
LOS ANGELES -- A federal judge in Texas temporarily halted a plan by the Biden administration to lower late fees on credit cards to $8 that was slated to go into effect next week.
The temporary nationwide injunction imposed by Judge Mark Pittman in the Northern District of Texas is a win for the big banks and major credit card companies, which collect billions in revenue each year in late fees and were looking to stop the proposal from going into effect. It is also a win for the U.S. Chamber of Commerce, which led the lawsuit on behalf of the banks.
The new regulations that were proposed by Consumer Financial Protection Bureau would have set a ceiling of $8 for most credit card late fees or require banks to show why they should charge more than $8 for such a fee. The rule would bring the average credit card late fee down from $32.
The bureau estimates banks bring in roughly $14 billion in credit card late fees a year. White House spokesperson Jeremy Edwards said in a statement Friday night, “We are disappointed that a court sided with House Republicans, big banks and special interests to hit pause on a critical measure to save American families billions in junk fees.”
Read more: https://abcnews.go.com/Business/wireStory/federal-judge-temporarily-halts-biden-plan-lower-credit-110123178
= new reply since forum marked as read
He certainly rules as a Repug IMHO!!
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On November 10, 2022, Pittman ruled that the Biden administration did not have the authority to forgive student loan debt through executive action through the HEROES Act.[15]
In December 2022, Pittman ruled that Texas' law banning people from 18 to 20 years of age from carrying concealed handguns was unconstitutional in light of New York State Rifle & Pistol Association, Inc. v. Bruen.[16]
In March 2024, Pittman ruled that the Minority Business Development Agency was wrong to consider historic discrimination based on race in its operations, citing Students for Fair Admissions v. Harvard.[17][18] .................
