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The rule capping credit card late fees at $8 has been suspended — here’s what it means for you

The rule capping credit card late fees at $8 has been suspended — here’s what it means for you

Rohit Chopra, director of the Consumer Financial Protection Bureau, speaks during a Senate Banking, Housing, and Urban Affairs Committee hearing in Washington, D.C., on December 15, 2022.

Ting Shen | Bloomberg | Getty Images

The US banking industry has achieved a major victory in its efforts to block the implementation of the law Consumer Financial Protection Bureau The rule would significantly limit the fees credit card companies can charge for late payments.

Federal court late Friday consent The industry’s last-minute legal effort to halt implementation of the regulation, which was announced in March and is scheduled to take effect on Tuesday.