Judge Blocks New U.S. Rule Limiting Credit Card Late Fees

A federal judge in Fort Worth has temporarily blocked a new rule by the Consumer Financial Protection Bureau that would cap credit card late fees at $8, a rule estimated to save U.S. households $10 billion annually. The injunction allows bank and credit card lobbyists to continue their legal challenge against what they claim is an unconstitutional policy. The rule, which was to apply to over 95% of credit card balances, is now on hold pending further court proceedings.