Judge scraps US rule capping credit card late fees at $8

(Reuters) – A federal judge on Tuesday threw out a U.S. Consumer Financial Protection Bureau rule capping credit card late fees at $8, after the agency agreed with opponents that the rule adopted during President Joe Biden’s administration was illegal.

U.S. District Judge Mark Pittman in Fort Worth, Texas granted a joint request by the CFPB and a coalition of business and banking groups including the U.S. Chamber of Commerce and American Bankers Association to scrap the rule.

(Reporting by Jonathan Stempel in New York)