Federal judge temporarily halts Biden plan to lower credit card late fees to $8

LOS ANGELES (AP) – A federal judge in Texas temporarily halted a plan by the Biden administration to lower late fees on credit cards to $8 that was slated to go into effect next week.

The temporary injunction imposed by Judge Mark Pittman in the Northern District of Texas is a win for the big banks and major credit card companies, which collect billions in revenue each year in late fees and were looking to stop the proposal from going into effect.

President Joe Biden speaks in the State Dining Room of the White House, Saturday, Oct. 7, 2023, in Washington, after the militant Hamas rulers of the Gaza Strip carried out an unprecedented, multi-front attack on Israel at daybreak Saturday. Thousands of rockets were fired as dozens of Hamas fighters infiltrated the heavily fortified border in several locations by air, land, and sea and catching the country off-guard on a major holiday. (AP Photo/Manuel Balce Ceneta)

It is also a win for the U.S. Chamber of Commerce, which led the lawsuit on behalf of the banks.

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