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What action will CFPB take by the end of 2024 regarding the blocked $8 late fee cap?
5
Resolution / Starting Odds
Amend the rule • 33%
Appeal the decision • 33%
Withdraw the rule • 33%
Official CFPB announcements and legal filings
Story
Trump-Appointed Texas Judge Blocks $8 Credit Card Late Fee Cap
May 11, 2024, 02:50 AM
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.
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Similar markets
Rule remains blocked • 50%
Rule enforced • 50%
Rule permanently blocked • 33%
Rule enforced with modifications • 33%
Rule enforced as originally planned • 33%
Direct support for the rule • 25%
Neutral stance • 25%
Opposition to the rule • 25%
No involvement • 25%
Significant decrease in late fee revenues • 33%
Minor decrease in late fee revenues • 33%
No significant change in revenues • 33%
No expansion • 25%
Expansion to digital currencies • 25%
Expansion to fintech companies • 25%
Expansion to other financial services • 25%
Appeal filed • 50%
No appeal filed • 50%