The rule capping credit card late fees at $8 is on hold — here’s what it means for you

The U.S. banking industry successfully halted a Consumer Financial Protection Bureau rule that would have significantly reduced credit card late fees, thanks to a federal court ruling. This rule, intended to cap late fees at $8, has been postponed by a lawsuit led by entities including the U.S. Chamber of Commerce. The delay maintains a major revenue source for card issuers, while the CFPB claims the rule could save U.S. families $10 billion annually. The future of the regulation remains uncertain.