Federal judge blocks White House plan to curb credit card late fees

A federal judge in Texas has halted a Biden administration rule intended to reduce credit card late fees, which was set to start on May 14. The rule, enforced by the Consumer Financial Protection Bureau, aimed to cap late charges at $8 instead of the current $30 or more. This decision came after a challenge from the banking industry, citing a previous ruling on the bureau's funding as unconstitutional. Consumer advocates criticize the move, arguing it favors corporate profits over consumer protection, while financial analysts anticipate ongoing legal battles regarding this issue.