US EditionJudge scraps US rule capping credit card late fees at $8
- A Federal Judge in Texas has vacated a Consumer Financial Protection Bureau rule that capped most credit card late fees at $8, following a joint request from the CFPB and six industry groups, including the U.S. Chamber of Commerce and the American Bankers Association.
- U.S. District Judge Mark Pittman ruled that the CFPB rule violated the Credit Card Accountability Responsibility and Disclosure Act because it restricted card issuers from charging fees that were 'reasonable and proportional' to violations.
- The rule intended to reduce typical late fees from about $32; however, the judge maintained the previous safe harbor thresholds of $30 and $41 for late payments.
- The ruling has been welcomed by industry groups as a win for consumers and common sense, arguing it aligns fees with issuers' costs.
109 Articles
109 Articles
Texas judge blocks federal rule intended to reduce credit card late fees
A federal judge in Texas vacated a Consumer Financial Protection Bureau (CFPB) regulation on Tuesday. The ruling by Judge Mark Pittman, a federal district court judge for the Northern District of Texas, removes many previous caps from credit card late fees. This comes amid a flurry of court decisions involving the CFPB, as the Trump administration aims to significantly reduce the agency’s scope. Tuesday’s ruling comes in response to a lawsuit fi…
St Louis Post-Dispatch
Dothan EagleTexas judge throws out capped credit card fees
HOUSTON — A Texas judge threw out a federal rule Tuesday that would have capped credit card late fees after officials with President Donald Trump's administration and a coalition of major banking groups agreed that the rule was illegal.
Protesters Rally in Durham against Cuts to the Consumer Financial Protection Bureau
Dozens of protesters lined the sidewalk in front of Bank of America at the corner of Gregson Street and Club Boulevard in Durham Monday evening, waving signs to defend the agency responsible for regulating the institution looming behind them. The demonstration comes amid the Trump administration’s ongoing crusade to dismantle the Consumer Financial Protection Bureau (CFPB), which employs a number of Durham residents, including four federally app…
Coverage Details
Bias Distribution
- 68% of the sources are Center
To view factuality data please Upgrade to Premium
Ownership
To view ownership data please Upgrade to Vantage
