Trump-appointed U.S. District Judge Mark T. Pittman sided with banks and credit card companies and blocked a Biden Administration regulation slated to go into effect next week that would limit most consumer credit card late charges to $8.00 per month, the Washington Post reports.
Continuing its quest to eliminate consumer costs Biden calls “junk fees,” the administration looked to relieve $14 billion in late fees alone collected by credit card companies and other lenders in 2022. Pittman issued an injunction preventing the Consumer Financial Protection Bureau from enforcing the rule, which was supposed to go into effect May 14th.