Consumer groups say a Biden administration group would have saved the American public over $10 billion a year in credit card fees.
A judge appointed by former President Donald Trump has blocked a Biden administration order to cap credit card fees at $8.Texas federal Judge Mark Pittman granted a temporary injunction to the U.S. Chamber of Commerce on Friday.The Consumer Financial Protection Bureau order, which was due to go into effect on May 14, would have saved Americans about $12 billion a year. The CFPB issued the order on March 5 after the Biden administration committed to cutting down on excessive banking fees.
It noted that Republican appointees make up 19 of the 26 judges on the 5th Circuit and accused the Chamber of Commerce of 'judge shopping.''In recent years, the U.S. Chamber of Commerce has strategically filed a significant majority of its lawsuits against federal regulations in district courts within the Fifth Circuit's jurisdiction, showcasing a pronounced case of 'judge shopping,'' it said in a statement.
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