A federal judge in Texas on Friday blocked the Consumer Financial Protection Bureau’s new rule capping late fees on credit cards at $8, 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.
Pittman was appointed to the bench by Republican former President Donald Trump.
