Court injunction blocks CFPB credit card late fee rule

A preliminary injunction that blocks the Consumer Financial Protection Bureau’s credit card late fee rule from taking effect was issued earlier today.

A federal judge in Texas issued the injunction, which stops the CFPB’s rule from starting as planned on Tuesday. The ruling came in the case brought by the American Bankers Association, the U.S. Chamber of Commerce and other plaintiffs.

You can click here to read more about the injunction, as well as the rule it bars from taking place.