The credit card regulation is part of President Joe Biden’s broader election-year war against what he deems junk fees.
A Consumer Financial Protection Bureau regulation that promised to save Americans billions of dollars in late fees on credit cards faces a last-ditch effort to stave off its implementation.
A judge in the Northern District of Texas is expected to announce by Friday whether the court will grant the industry's request for a freeze just days before it was to take effect on Tuesday.between venues in Texas and Washington, D.C., for weeks, is now about to reach a milestone: A judge in the Northern District of Texas is expected to announce by Friday evening whether the court will grant the industry's request for a freeze.
Capital One CEO Richard Fairbank said last month that, if implemented, the CFPB rule would impact his bank's revenues for a"couple of years" as the company takes"mitigating actions" to raise revenue elsewhere.
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