A federal judge in Texas declined to revive a new regulation that would cap credit card late fees at $8 after business lobbyists and banks protested the policy as unconstitutional.
The regulation would prevent card issuers with more than one million users from charging more than $8 for late fees unless they could prove to the Consumer Financial Protection Bureau that they needed the money to cover costs. U.S. District Judge Mark Pittman in Fort Worth issued an injunction in May that barred the rule from taking effect. On Friday, Pittman declined the CFPB's request to lift his order.
