Overview

• The injunction prevents the CFPB's $8 late fee cap from taking effect on May 14.
• The rule aimed to reduce excessive fees, potentially saving Americans $12 billion annually.
• Banks and business groups argue the cap would raise costs for responsible credit card users.
• The Supreme Court will soon rule on the constitutionality of the CFPB's funding.
• The decision is a significant setback for Biden's broader campaign against 'junk fees.'