Federal Judge Overturns $8 Cap on Credit Card Late Fees
A U.S. District Judge has nullified a Consumer Financial Protection Bureau (CFPB) rule that capped credit card late fees at $8. The rule, introduced during the Biden administration, aimed to reduce typical late fees from about $32. Business groups argued it violated the Credit Card Accountability and Disclosure Act of 2009. The decision reflects ongoing efforts by the Trump administration to reverse previous consumer protection policies.
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