A federal judge in Texas, appointed by former President Trump, has temporarily blocked the implementation of a new rule by the Consumer Financial Protection Bureau (CFPB) that aimed to cap credit card late fees at $8. This decision comes after significant opposition from the banking industry, which argued that the CFPB exceeded its authority with this rule. The rule, which was set to take effect next week, was anticipated to significantly reduce the late fee revenue for banks and credit card issuers, potentially saving consumers $10 billion annually.
