The rule capping credit card late fees at $8 is on hold — here's what it means for you

The U.S. banking industry won a key victory in its effort to block the implementation of a Consumer Financial Protection Bureau rule that would've drastically limited the fees that credit card companies can charge for late payment.

A federal court on late Friday approved the industry's last-minute legal effort to pause the implementation of a regulation that was announced in March and set to go into effect on Tuesday. In his order, Judge Mark Pittman of the Northern District of Texas sided with plaintiffs including the U.S. Chamber of Commerce in their suit against the CFPB., Judge Mark Pittman of the Northern District of Texas sided with plaintiffs including the U.S. Chamber of Commerce in their suit against the CFPB, saying they cleared hurdles in arguing for a preliminary injunction to freeze the rule.The outcome preserves, at least for now, a key revenue stream for the U.S. card industry.

The CBA said it will continue to press its case in the courts on why the CFPB rule should be"thrown out entirely."Nurse whose boss and co-workers failed to give her CPR for more than 7 minutes has workers' comp claim denied

Source: News Formal (newsformal.com)

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