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

A federal judge in Texas has issued a temporary halt on President Biden's initiative to reduce credit card late fees to $8, a rule that was set to start next week. This decision is a victory for large banks and credit card companies, which collect billions annually from these fees, and was supported by the U.S. Chamber of Commerce through a lawsuit. The proposed change aimed to lower the average late fee from $32 to $8, potentially saving American families substantial amounts in what the administration calls "junk fees."