CFPB Vacates $8 Credit Card Late Fee Rule Following Trump Administration Settlement with U.S. Chamber of Commerce and Federal Judge Ruling

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Updated Apr 15, 2025, 04:58 PM

The U.S. Consumer Financial Protection Bureau (CFPB) has agreed to vacate its rule that capped credit card late fees at $8, following a settlement with the U.S. Chamber of Commerce and other trade groups. This decision comes as part of a broader legal challenge initiated by these groups against the CFPB's regulation, which was established during President Joe Biden's administration. A federal judge has officially thrown out the rule, deeming it unlawful after the Trump administration aligned with business and banking organizations in their lawsuit against the regulation. The ruling signifies a shift in policy regarding credit card late fees, which had been a point of contention between the CFPB and industry stakeholders.

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Sources

reuters.com(3)newsmax.com(2)ooc.bz(2)dailymail.co.uk

Daily Mail Online

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Judge issues ruling on credit card late fees that ends Biden policy dream https://t.co/6FYswvM6A2

NEWSMAX

@NEWSMAX

A federal judge Tuesday threw out a U.S. Consumer Financial Protection Bureau rule capping credit card late fees at $8, after the agency agreed with opponents that the rule adopted during President Joe Biden's administration was illegal. https://t.co/EiivK7aOKm