Banks have been pushing hard to stop the late fee rule, due to the potential billions of dollars the banks would lose in revenue.
By JUAN A. LOZANO
HOUSTON (AP) — A Texas judge on Tuesday threw out a federal rule that would have capped credit card late fees after officials with President Donald Trump’s administration and a coalition of major banking groups agreed that the rule was illegal.
The ruling by U.S. District Judge Mark Pittman in Fort Worth came a day after the Consumer Financial Protection Bureau and a collection of major industry groups that had filed a lawsuit last year to stop the rule announced they had come to an agreement to throw out the rule. The groups that sued included the American Bankers Association, the Consumer Bankers Association, and the U.S. Chamber of Commerce.
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