A federal judge in Texas temporarily halted a plan by the Biden administration to lower late fees on credit cards to $8.
The rule would bring the average credit card late fee down from $32; the bureau estimates banks bring in roughly $14 billion in credit card late fees a year.
White House spokesperson expressed disappointment over the court's decision, stating it benefits big banks and special interests over American families.
Critics highlight the case as an instance of judicial 'forum shopping,' raising concerns about favorable rulings in certain districts.
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