White House plan to curb credit-card late fees in Texas judge's hands
CBSN
A Texas judge is set to rule on whether to block new government rules sharply limiting credit card late-payment charges, a centerpiece in the Biden administration's efforts to clamp down on "junk" fees.
The regulations, adopted by the Consumer Financial Protection Bureau in March, would cap late fees for credit card payments at $8, a fraction of late charges that can top $30. Although a bane for consumers, the fees generate about $9 billion a year for card issuers, according to the agency.
Judge Mark Pittman of the U.S. District Court for the Northern District of Texas was given a May 10 deadline to decide whether to grant an injunction sought by the banking industry and other business interests preventing the restrictions now scheduled to take effect on May 14.
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