Good News Delayed...Federal Judge (Temporarily) Blocks Biden Plan to Limit Credit Card Late Fees

[Crepitus]

There is nothing in the Constitution that gives the President the unilateral authority to change any contract.

It is his job specifically to protect the people.

 

[Crepitus]

whats wrong with a judge stopping a fascist from doing fascist things??

Well nothing, but we aren't talking about the tRump trial here.

 

[progressive hunter]

Well nothing, but we aren't talking about the tRump trial here.

are you looking for more gratitude for your good deed today??

you do know forced gratitude is not real gratitude,,

 

[EvilCat Breath]

There is nothing in the Constitution that gives the President the unilateral authority to change any contract.

There is something in the Constitution preventing the government changing contracts.

 

[Rogue AI]

Sounds like a legislative matter.

No, that would be you. Biden is doing something about exorbitant fees.

Exorbitant? According to who? Sounds like another arbitrary vote buy scheme with no relation to reality and how it will cause more damage than it fixes.

 

[candycorn]

Sounds like a legislative matter.

Exorbitant? According to who? Sounds like another arbitrary vote buy scheme with no relation to reality and how it will cause more damage than it fixes.

How will it "cause more damage than it fixes" if you get charged $8 for a late payment instead of your getting charged $38 for the same late payment?

 

[Rogue AI]

How will it "cause more damage than it fixes" if you get charged $8 for a late payment instead of your getting charged $38 for the same late payment?

Unlike this failed Biden administration, these companies aren't justing making up arbitrary penalty fees.

 

[candycorn]

Unlike this failed Biden administration, these companies aren't justing making up arbitrary penalty fees.

Okay...I'm curious how will the reduction cause damage?

 

[my2¢]

No federal initiative to forgive consumer debt? Come on Joe, you're slipping.

 

[LeroyDumonde]

It is his job specifically to protect the people.

Where does the Constitution say that?

 

[Rogue AI]

Okay...I'm curious how will the reduction cause damage?

Seriously? In your example it cuts the late fee by almost 80%. Do you honestly think that much of a cut won't have a negative impact on the lender? Wow.

 

[candycorn]

Seriously? In your example it cuts the late fee by almost 80%. Do you honestly think that much of a cur won't have a negative impact on the lender? Wow.

A negative impact on the lender...I see.

The "lenders" made $8B in overdraft fees last year according to one source I read.

 

[LeroyDumonde]

Seriously? In your example it cuts the late fee by almost 80%. Do you honestly think that much of a cur won't have a negative impact on the lender? Wow.

Imagine my shock at seeing yet another Democrat who doesn't understand that price controls don't work.

 

[LeroyDumonde]

A negative impact on the lender...I see.

The "lenders" made $8B in overdraft fees last year according to one source I read.

That means that consumers could have saved $8 billion last year by paying their bills on time.

 

[Rogue AI]

A negative impact on the lender...I see.

The "lenders" made $8B in overdraft fees last year according to one source I read.

Across all lenders, start doing the math. This is just another one size screws all liberal boondoggle. A more sensible approach would have been percentage based. This still should be legislated, not left to arbitrary bureaucrats.

 

[candycorn]

That means that consumers could have saved $8 billion last year by paying their bills on time.

It also means that consumers could have saved a very large percentage of that $8B they shelled out if the blob had passed this while he was in charge.

But we all know who the blob works for; it's not the average Americans for damn sure.

Thanks Joe.

 

[candycorn]

Across all lenders, start doing the math. This is just another one size screws all liberal boondoggle. A more sensible approach would have been percentage based. This still should be legislated, not left to arbitrary bureaucrats.

I can't believe the House didn't bring this up. I'm stunned I tell you!!!!

 

[OKTexas]

Federal judge temporarily halts Biden plan to lower credit card late fees to $8

A federal judge in Texas temporarily halted a plan by the Biden administration to lower late fees on credit cards to $8 that was slated to go into effect next week

abcnews.go.com

From the piece:

"A federal judge in Texas temporarily halted a plan by the Biden administration to lower late fees on credit cards to $8 that was slated to go into effect next week.

The temporary nationwide injunction imposed by Judge Mark Pittman in the Northern District of Texas is a win for the big banks and major credit card companies, which collect billions in revenue each year in late fees and were looking to stop the proposal from going into effect. It is also a win for the U.S. Chamber of Commerce, which led the lawsuit on behalf of the banks."

I really have to wonder how they came up with $8.00. Why not $10? Why not $5? CC late fees are ridiculous.

It is good to see Biden doing another thing that will help millions of Americans. Last month he changed the rules to force airlines to give cash refunds (not future flight credits). The GOP opposed it. We’ll see if they line up on the side of banks as they did with airlines.

Thanks Joe.

Wait a damn minute, aren't you commies constantly spewing crap on how great the economy is. People are able to pay their bills in a great economy. That said, folks agreed to the terms to have the credit card in the first place. The feds have no authority to interfere in private contracts. If the consumer doesn't like the terms, they can pay off the card and close the account and find a product that suits them better. BTW, banks look like total armatures compared to the IRS.

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[OKTexas]

There is something in the constitution about exorbitant credit card late fees?

Nope, that's exactly why the feds have no authority in the matter.

.

 

[OKTexas]

Meanwhile back in reality your patron saint has filed bankruptcy 6 times. This is the part where you insist he had nothing to do with his companies going belly up

Actually it was his companies that went belly up, not him personally. Of course you being a retard, you have no clue between cooperate and personal finances.

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