The news: A federal judge threw out the Consumer Financial Protection Bureau's (CFPB) credit card late fee cap.
The judge’s decision was in response to a joint request to scrap the rule from both the CFPB and a coalition of business and banking groups that previously sued to block it.
The rule would have capped late fees, which typically sit at $32, at $8 and had been beset by legal fights since, both in court and on Capitol Hill.