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Federal judge temporarily halts Biden plan to lower credit card late fees to $8

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Biden Plan To Lower Credit Card Late Fees On Hold News

Judge Mark Pittman Temporary Nationwide Injunctio

A law that could lower late fees on your credit cards, which was set to go into effect next week, may be in jeopardy after being put on hold.

A federal judge temporarily halted the Biden administration's plan to lower credit card late fees to $8, which was slated to go into effect next week.

The new regulations that were proposed by the 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. Banks had sued to stop the lawsuit earlier this year, but they had run into a roadblock when Pittman ordered the case moved to Washington, D.C., because of the fact that few banks operate in northern Texas. However, an appeals court reversed most of Pittman's decision and ordered him to rule on the bank's request for an injunction.

 

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