Judge Halts Biden Administration's Credit Card Late Fee Cap

Federal court blocks CFPB rule limiting late fees, citing constitutional concerns over agency's funding structure.

• The injunction prevents the CFPB's $8 late fee cap from taking effect on May 14.
• The rule aimed to reduce excessive fees, potentially saving Americans $12 billion annually.
• Banks and business groups argue the cap would raise costs for responsible credit card users.
• The Supreme Court will soon rule on the constitutionality of the CFPB's funding.
• The decision is a significant setback for Biden's broader campaign against 'junk fees.'

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