Late last week, a federal judge upheld an order blocking a cap on credit card late fees, as PYMNTS reported. But the debate over the fees — their usefulness, whether they should exist at all — is far from over. For the moment, though, the...
A federal judge has upheld an order blocking a cap on credit card late fees. U.S. District Judge Mark Pittman in Fort Worth declined last week to dissolve an injunction he issued in May to block the Consumer Financial Protection Bureau’s (CFPB) $8 limit on...
Credit card issuers reportedly have been raising interest rates on the cards and adding new fees to make up for revenue they may lose from a cap on late fees. These moves have contributed to the average credit card interest rate being near the highest...
This round of jurisdictional ping pong goes to the CFPB. A federal judge in Texas has bounced a lawsuit challenging the consumer protection agency’s credit card late fees cap back to Washington, D.C, Reuters reported Tuesday (May 28). U.S. District Judge Mark Pittman in Fort...
February 01, 2023
The Biden administration’s targeting of credit card late fees may lead to unintended consequences. Among those consequences: Stifling consumers’ embrace of banks’ innovations designed to avoid late payments in the first place. Those innovations include digital reminders and grace periods that are designed to keep payments timely. As reported Wednesday, a rule being put forward through […]
September 16, 2019
Perhaps everyone’s worst nightmare came true for 250,000 employees of 4,000-5,000 small businesses over Labor Day weekend: Payday came, and paychecks didn’t. In fact, it was much worse. In some cases,...
April 12, 2017
In February 2013, Max Levchin launched Affirm — a point-of-sale (POS) lender that would provide creditworthy millennials, who lacked credit cards and credit scores, the ability to buy and finance items...
April 15, 2025
A federal judge has thrown out the Consumer Financial Protection Bureau’s (CFPB) late fee cap. The ruling by U.S. District Judge Mark Pittman came after the bureau agreed with opponents that the rule was illegal, Reuters reported Tuesday (April 15). Pittman granted a joint request by the regulator and a collection of business and banking […]
December 08, 2024
A federal judge has upheld an order blocking a cap on credit card late fees. U.S. District Judge Mark Pittman in Fort Worth declined last week to dissolve an injunction...
October 07, 2024
Credit card issuers reportedly have been raising interest rates on the cards and adding new fees to make up for revenue they may lose from a cap on late fees....
May 29, 2024
This round of jurisdictional ping pong goes to the CFPB. A federal judge in Texas has bounced a lawsuit challenging the consumer protection agency’s credit card late fees cap back...
