Judge blocks Biden administration rule capping credit card late fees at $8

A federal judge in Fort Worth, Texas, has halted a new Biden administration rule that would have limited late fees charged by credit card companies. The rule, set to go into effect this week, aimed to save consumers about $10 billion annually. The decision to block the rule was made following a lawsuit by business and banking organizations, alleging violations of federal statutes. The judge’s ruling means that the rule will be on hold pending a future hearing. This development comes as part of the Biden administration’s broader effort to eliminate hidden or misleading charges for consumers.