CFPB Vacates $8 Late Fee Rule as Trump Administration Seeks to Dismiss Regulation

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Published Apr 15, 2025, 02:40 PM

The Consumer Financial Protection Bureau (CFPB) has agreed to vacate its $8 credit card late fee rule, which was implemented during the Biden administration. This decision comes as part of a settlement with the U.S. Chamber of Commerce and other trade groups that had been litigating against the rule, claiming it was unlawful. Following this agreement, the Trump administration has formally requested a federal court to dismiss the regulation that caps credit card late fees at $8, aligning with the views of various business and banking organizations involved in the lawsuit.

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President Donald Trump’s administration asked a federal court to throw out a regulation capping credit card late fees at $8, saying it agreed with business and banking groups that alleged in a lawsuit that the rule was illegal. MORE: https://t.co/yIaDglAlsc https://t.co/4vDG4ohAff