Judge Blocks Consumer Financial Protection Bureau’s $8 Cap on Credit Card Late Fees

Published on May 13, 2024

A judge has halted a federal financial regulator’s attempt to cap credit card late fees at $8, handing major banks and other card issuers a victory as their multibillion-dollar revenue hangs in the balance. The limit on late fees, announced in March by the Consumer Financial Protection Bureau (CFPB), was set to take effect on May 14. It was one of several rule changes and regulations aimed at fulfilling President Joe Biden’s pledge to tackle what he called “junk fees.” According to the CFPB, late fees represent more than 10 percent of the $130 billion issuers charged consumers in interest and fees. As a result, the agency expects that implementing the rule could save American consumers more than $10 billion a year by bringing down late fees to $8 from the current average of $30....

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