Banks Sue to Have Late Fee Rule Killed

A new rule from the Consumer Financial Protection Bureau (CFPB) will limit how much most credit card companies can charge customers who make late payments. The typical late payment fee will drop from $32 to $8.

The nation’s bankers and the U.S. Chamber of Commerce have filed a lawsuit asking a federal judge to block the rule, claiming it would cause “irreparable harm” and reduce the availability of credit.