A federal judge in Texas on Friday blocked the Consumer Financial Protection Bureau’s <a href="https://nypost.com/2024/03/05/business/biden-slashing-credit-card-late-fees-to-8-in-latest-crackdown-on-junk-fees/">new rule capping late fees on credit cards at $8</a>, in a victor for business and banking groups which argued the agency exceeded its authority.

US District Judge Mark Pittman in Fort Worth issued a preliminary injunction against the rule, which was scheduled to take effect on Monday. 

The rule had been opposed by the US Chamber of Commerce, the American Bankers Association and some other business groups.

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<figcaption>A new rule capping late fees on credit cards at $8 was scheduled to take effect Monday. <span class="credit">REUTERS</span></figcaption>

Pittman was appointed to the bench by Republican former President Donald Trump.

The rule, which had been opposed by the US Chamber of Commerce, the American Bankers Association and others, was scheduled to take effect on Monday.{ai:summary}<p>Judge in Texas blocks new rule capping late fees on credit cards at $8. Business groups victorious over Consumer Financial Protection Bureau. #economy</p>

Judge blocks rule capping credit card late fees at $8 in win for business groups

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