US judge halts rule capping credit card late fees at US$8

The US Supreme Court is reviewing the 2022 ruling, and during oral arguments in October appeared wary of upholding it.

Mr Pittman, appointed by Republican then-President Donald Trump, cited a 2022 ruling by the New Orleans-based 5th US Circuit Court of Appeals, which found the CFPB’s funding structure unconstitutional. Ms Maria Monaghan, counsel to the US Chamber of Commerce Litigation Center, in a statement called Mr Pittman’s decision “a major win for responsible consumers who pay their credit card bills on time and businesses that want to provide affordable credit.”

The CFPB adopted the rule to counteract what it called “excessive” fees that credit card issuers charge for late payments.

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