Consumer Reports Decries Texas District Court's Decision Preventing New Limits on Excessive Credit Card Late Fees From Going Into Effect Next Week
May 11, 2024
May 11, 2024
YONKERS, New York, May 11 -- Consumer Reports issued the following news release on May 10, 2024:
The U.S. District Court for the Northern District of Texas granted a motion today sought by the banking industry in Chamber of Commerce vs. CFPB that temporarily blocks new rules limiting how much credit card companies can charge consumers when payments are made late. The CFPB estimates that the new limits, which were set to go into effect on May 14, would save $10 billion per year for c . . .
The U.S. District Court for the Northern District of Texas granted a motion today sought by the banking industry in Chamber of Commerce vs. CFPB that temporarily blocks new rules limiting how much credit card companies can charge consumers when payments are made late. The CFPB estimates that the new limits, which were set to go into effect on May 14, would save $10 billion per year for c . . .