Judge blocks U.S. rules limiting credit card late fees, Washington Post reports

A federal judge on Friday temporarily blocked the U.S. government from trying to limit credit card late fees, The Washington Post’s Tony Romm reports. The judge sided with banks and other business lobbyists that had challenged the policy as unconstitutional, Romm writes. In March, President Joe Biden introduced efforts to limit what banks can charge for late credit card payments, cutting credit card fees down to $8 from an average of $31. Publicly traded companies in the space include American Express (AXP), Capital One (COF), Discover (DFS), MasterCard (MA) and Visa (V).