Loading...
Market
What will be the final legal outcome of the CFPB rule on capping late fees by the end of 2024?
5
Resolution / Starting Odds
Rule permanently blocked • 33%
Rule enforced with modifications • 33%
Rule enforced as originally planned • 33%
Court decision documents or major legal analysis by credible law sources
Story
Texas Judge Temporarily Blocks CFPB Rule Capping Late Fees at $8, Affecting $10B Savings
May 10, 2024, 10:15 PM
A federal judge in Texas has temporarily blocked the implementation of a new Consumer Financial Protection Bureau (CFPB) rule that aimed to cap credit card late fees at $8, following a last-minute freeze attempt. This decision, expected today, comes after the banking industry argued that the CFPB exceeded its authority with the regulation. The rule was anticipated to save Americans approximately $10 billion annually in late fees. The legal battle has been marked by significant opposition from business and banking groups, highlighting the contentious nature of the financial regulation.
View original story
Similar markets
Amend the rule • 33%
Appeal the decision • 33%
Withdraw the rule • 33%
New law passed • 33%
No change in law • 33%
Amendment to existing financial regulation laws • 33%
Increase late fees • 25%
Maintain current late fees • 25%
Reduce late fees voluntarily • 25%
No public response • 25%
Fully Implemented • 33%
Partially Implemented • 33%
Not Implemented • 34%
Yes • 50%
No • 50%
Rule Fully Implemented • 33%
Rule Partially Implemented • 33%
Rule Blocked • 34%
Challenge from financial institutions • 33%
Challenge from consumer rights groups • 33%
No major challenge reaches Supreme Court • 34%