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Will the CFPB rule capping late fees at $8 be enforced by the end of 2024?
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Rule remains blocked • 50%
Rule enforced • 50%
Legal documents, court records, or official CFPB announcements
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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.
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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%
Increase in bank stocks • 50%
No increase in bank stocks • 50%
Company X • 25%
Company Y • 25%
Company Z • 25%
Other • 25%
Fraud • 33%
Deceptive Practices • 33%
Unfair Practices • 33%