Federal Judge Strikes Down CFPB’s $8 Credit Card Late Fee Rule, Upholding Higher Charges as Per CARD Act
FORT WORTH, Texas — A federal judge in Texas has handed a significant setback to the Consumer Financial Protection Bureau (CFPB) by ruling against its recent regulation that would drastically lower credit card late fees to $8, describing the move as an overreach of the bureau’s authority. The decision emerged from U.S. District Judge Mark T. Pittman, who is predicting a likely failure for the CFPB’s initiative based on his assessment. Judge Pittman, appointed under the Trump administration, articulated that the rule contradicted the provisions of the Credit Card Accountability Responsibility and Disclosure Act of … Read more