Judge blocks Biden administration rule capping credit card late fees at $8 | CNN Business
www.cnn.com
A federal judge in Fort Worth, Texas, on Friday blocked a new Biden administration rule that would prohibit credit card companies from charging customers late fees higher than $8.

A federal judge in Fort Worth, Texas, on Friday blocked a new Biden administration rule that would prohibit credit card companies from charging customers late fees higher than $8.

US District Judge Mark T. Pittman, an appointee of former President Donald Trump, granted a preliminary injunction to several business and banking organizations that allege the new rule violates several federal statutes.

These organizations, led by the right-leaning US Chamber of Commerce, sued the Consumer Financial Protection Bureau after the rule was finalized in March. The rule, which was set to go into effect Tuesday, would save consumers about $10 billion per year by cutting fees from an average of $32, the CFPB estimated.

  • Furbag@lemmy.world
    372·
    7 months ago

    Also a good example of how executive orders are not the end-all-be-all solution for problems that could in theory be solved by the executive alone. We shouldn’t be blaming Biden for not doing things that ultimately are the responsibility of legislative inaction.

    It’s still bullshit that this was blocked, and definitely raises suspicion that the judge in question is bought and paid for by the banking industry, or at the very least, a Trump appointee who doesn’t think twice about looking the other way if it helps Don the Con.

      • JovialMicrobial@lemm.ee
        11·
        7 months ago

        I just looked up how US citizens can fight judicial corruption and apparently corrupt judges can be reported to the Judicial Conference of the United States, the Federal Bureau of Investigation (FBI), the Internal Revenue Service (IRS), Transparency International or the Judicial Integrity Network.
        Maybe we should start reporting every judge that pulls crap like this to these agencies. Maybe something will actually change if/when investigations start happening.