CFPB rule on credit card late fees challenged in court

Summary: A CFPB regulation aiming to reduce credit card late fees faces a legal challenge led by the U.S. Chamber of Commerce. The rule would cap late fees at $8 per incident, potentially saving Americans billions. The court in Texas is expected to decide on a freeze before the Tuesday implementation. Late fees have risen since 2010, with users averaging $138 annually. President Biden opposes such "junk fees."

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