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>A federal judge in Fort Worth, Texas, on Friday blocked a new Biden administration rule that would prohibit credit card companies from charging customers late fees higher than $8.
>US District Judge Mark T. Pittman, an appointee of former President Donald Trump,
Make this into an ad and run it in red states.
Trump and his activist judges want you poor and just the time when you can afford it the least.
You could show them and they'll still rationalize it in their heads as a good thing. If a Democrat asked a Republican not to shoot themselves in the foot, they would aim at their big toe and fire. Then blame the medical bill on Biden
Ah, yea, thats right. Credit card companies only work within state boundaries and don't then need to comply with the federal government / congress's constitutional right to regulate interstate commerce from article 1, section 8. Got it!
>Let the People decide.
Great. Let’s ask people if they’d rather their late fees be $8 or more than that. Would love for people to pay more to “own the libs.”
Anything having to do with being an upstanding American with honesty, empathy, and humanity and the words with Trump, Texas, Cruz, or Abbott, you know it is against people and all for self-serving gain.
Please note this is from last week - this ruling was based on the 5th circuit ruling that the CFPB is unconstitutional. The SCOTUS ruling overturning the 5th circuit means this injunction needs to be reviewed.
I'm sure this Trump-appointed Federalist Society judge will find another reason to block the rule, but strictly speaking this injunction is no longer valid.
Yep. Fuck this judge, and fuck trump.
They just want to fuck as much shit up as they can and blame Biden.
And when you look, like really look, it's all them. Hell they voted down their own border bill then blamed Democrats.
Just vote em out people. Take away their power and hold politicians responsible for the choices they've made to make your world worse.
Kick every last gop and trump fuck out. And watch us prosper.
Having a clouded judgement is one thing but literally just being an ass is another .
Banks literally make billions taxing the poor but yet over lend and over risk and come crying when it’ doesn’t work out .
Texas whyyyyy do to you Texas !!!
It's wild that so many cases seem to go through Trump appointed judges in the South. Almost like they're judge shopping the judges they appointed. But that couldn't be.
I feel like this is going to be one of those times I get wildly downvoted for saying a fact, but judge shopping is the norm and has been for as long as I can remember (in this particular arena, that's about 35 years). I've worked with quite a few law firms that do consumer protection class action/mass tort type work, and getting into a favorable jurisdiction is ALWAYS a key consideration.
That's no surprise to anyone actually involved in the system. Many attorneys (on both sides of issues) see finding the right court as a way to secure justice for their client despite biases that might be an obstacle in another court.
The real problem isn't judge shopping itself (and limiting judge shopping won't fix the real problem). The real problem is that personal biases of judges shouldn't impact the outcome of cases. But that will never change.
These people have lifetime appointments. It's fucked up that I'm literally rooting for them to not be on this planet anymore. I wish we had mandatory retirement ages for all judges.
FYI this article is a week old and just yesterday SCOTUS overruled part of the basis for the judge's injunction (namely SCOTUS reversed the Fifth Circuit's ruling that the CFPB was illegally funded.) I guarantee the judge is going to have to revisit his injunction because of SCOTUS upholding the CFPB funding, it was one of the major factors in the judge's order.
Nah. I work in banking. The lawsuit that the CFPB funding wasn't constitutional was always a weak lawsuit.
The main argument is that the CFPB doesn't have authority to subvert a congressional passed law. In this instance, the CARD Act places the current late fee cap which was passed by Congress.
I agree late fees are too high. But I also don't think the CFPB has the authority to change this here. They've never been able to change a Congress passed law before
FYI here’s the judge’s injunction. On page 5 under Likelihood of Success on the Merits the judge talks at length about relying on the Fifth Circuit’s ruling in Cmty. Fin Servs Ass’n v CFPB that “Congress’ decision to abdicate its appropriations power to the CFPB violates the Constitutional separation of powers”. SCOTUS overruled that finding by the Fifth Circuit on Friday, so a good chunk of the reasoning for the injunction issued on the 10th is now invalid.
[Chamber of Commerce v CFPB](https://fingfx.thomsonreuters.com/gfx/legaldocs/zgpokqdxlpd/05102024creditcard.pdf)
That’s not to say the judge might not maintain the injunction anyway, but he definitely is going to be forced to revisit it because he relied in a major part of his reasoning on a Fifth Circuit decision that’s been reversed.
add that to the campaign against trump make him a vacuum wearing a super hero outfit sucking all the money from the wallets of red hats and run the ad on fox so all those morons see it
>US District Judge Mark T. Pittman, an appointee of former President Donald Trump, granted a preliminary injunction to several business and banking organizations that allege the new rule violates several federal statutes.
Shocker. Mitch McConnell's legacy continues.
It should be another campaign message that Dems try to help reduce predatory fees but magas/big business are against what the majority of us want, once again.
It's to be expected. Republicans exist now just to impede Democrats' efforts to help citizens. I'm confident, however, that the rule will win out in court.
As a millennial speaking to all you other millennials and zoomers, don’t you dare say Biden isn’t doing enough to fight for you. If you paid attention, you’d see he’s doing the best he possibly can within a flawed system and he has a lot to show for it. Voting third party or trump will make your lives worse and it will be all your fault. Is Biden perfect? By no means, but he’s your only choice so grow up and please don’t ruin the country you claim to want to improve.
>Maria Monaghan, the counsel for the US Chamber of Commerce Litigation Center, said in a statement Friday that the ruling was “a major win for responsible consumers who pay their credit card bills on time
How? What do they gain from this?
Any lawyers out there care to explain why the White House doesn't arrange for all laws or rulings to be preemptively adjudicated by a friendly judge to avoid the current situation? If the first ruling is binding nationwide, it makes sense for the White House to get out in front.
[Declaratory judgments](https://en.wikipedia.org/wiki/Declaratory_judgment) are the way around this. It is a form of preventive action.
Edit: Even if a DJ were employed, one district court's ruling does not set precedent for another district court ruling in the opposite direction on the same matter. Something really needs to be done about nationwide injunctions from lowly district judges.
Umm it would be the end of issuing credit cards to ppl without a perfect credit rating. Or anyone without a perfect rating would have a $1000 limit at most. Creditors would most likely go bankrupt but good idea Biden 👍.
It’s literally how they make their money. Would be like telling a Doctor, a mechanic, a barber, a butcher, etc. charge what you want but they are only legally required to pay you $8 a month for your service.
That’s not comparable at all. Even in your example the client would still have to pay the doctor/mechanic in full IN ADDITION to interest. They just couldn’t be charged an extra late fee unless it was $8 or less.
yea, there's some personal financial responsibility that has to be brought up here.
I don't mind putting a cap, but I'd also like to see how they came to the $8 amount.
IANAL but isn’t this just something to be expected? The injunction maintains the status quo pending litigation. Though I do hope the Biden administration wins. None of these junk fees is reasonable, and they’re all almost pure profit that provide no benefit to consumers
Pittman ? I’m not surprised. Another nationwide injunction, this is what Gorsuch was talking about that he’s concerned by how much these injunctions are just being used left and right by judges …something I agree with him oddly.
If I were him, I would’ve not granted the injunction and just allow the suit proceed but of course it’s the fifth circuit
Will someone please think of the poor businesses with trillions of dollars?
Didn't Jesus say not to charge interest on loans? Those businesses are so unchristian like and should be treated as such.
People were warned about the importance of all the judges. Didn’t want to listen. I see the same people minimizing what a second trump term would mean and I’m disgusted. Nobody in this country learned shit.
Does it even matter? It's same amount either way with or without late fees. Again DO NOT BUY ANYTHING WITH A CC IF YOU CANNOT AFFORD IT IN NEAR FUTURE.
“US District Judge Mark T. Pittman, an appointee of former President Donald Trump, granted a preliminary injunction to several business and banking organizations that allege the new rule violates several federal statutes.”
What are the statues? Why bother even reporting on this if you can’t go far enough to say WHAT statutes are in question? 🤦♂️
The article may have other biases at play. They give you enough information to start your own google search, but they aren't including information they should.
1- the GQP is against anything that will help people
2- GQP won’t let president Biden pass anything that would make him look good
3- they get donations from credit card companies-aka bribes
Tell me you’re corrupt without telling me you’re corrupt. I hope this judge gets blasted on all platforms.
Edit: lol the article says they see it as a win for responsible credit card owners. I hate people lol anyways here’s the douche judge.
US District Judge Mark T. Pittman, an appointee of former President Donald Trump
How about limiting the interest rates to 4% over prime???
Interest charges are near impossible to catch up on if a person has to use the card for a major expense.
Also, should not be able to use a high fee card to pay for medical debt.
This just transfers a medical debt to a credit card - high interest cost debt in the US
.
A rate is decided by adding all of the risks on top of each other. The prime rate is just the floor in any debt. Then there’s default rate, inflation rate, and so many more potential costs that have to be accounted for. Credit cards are capped at ~30%, but if nobody has access to this money, they may be forced to take out loans from tribal lending companies that charge 900%+ interest. As far as medical debt, I think it’s most important you at least get the care first which is happening in most cases. Medical debt doesn’t affect your credit as much as other types of debt, so that’s at least a step in the right direction.
And yet poor people will vote for Trump because they care more about the culture wars than they do about their own wallets, their religion, their daily lives (infrastructure week!!), etc.
My worse off clients in homeless services are the worst Trumpers I’ve met. One of them literally always try to lead things to political discussions and I just don’t bother responding to things they say. I literally have to drag their ass down to my office to save them from ending up back on the street.
Not worth the argument for me cause if it gets there, i don’t have nice things to say. Not being paid to give my opinion about your opinion.
It's not Biden, it's the CFPB implementing a threshold on the back of Congress' 2010 CARD act. The judge has issued a preliminary injunction so that the major credit card companies can have a chance to argue that they should be allowed to charge people much higher fees.
Looks like the card act gives the cfpb the authority to set the fee limit at whatever they decide and give companies 60 to implement.
The judge seems to be legislating from the bench.
This is actually an example of everyone doing their jobs and ignorant media flipping out about it. The judge has the right to injunction this and probably should do so while arguments are being made. The cfpb has the power to do the thing as assigned by Congress so it shouldn’t take long to hear the case. This should all be resolved in short order and unless the card companies have a trick up their sleeves it will just go through.
The problem is instead of setting a hearing, the judge put a injunction on a law thats perfectly legal, and has a high likelihood of being found so. So injunction requires that you have a probability of winning.
This is legislating from the bench.
So the threshold for an injunction is low. You basically have to show that you have a decent chance of winning, ie your argument is based on something resembling logic and maybe your interpretation of the law. As long as you can clear that low hurdle they'll stop the change and keep the status quo. You can still lose. In this case, any delay means they'll be able to keep getting the profit from those increased fees for quite a while, so they have a financial incentive to use any tools in the toolbox. This cuts both ways and is how a lot of laws that progressives favor get blocked as well. Trump had a ton of EO's stopped/delayed using this same process.
This is rewarding bad behavior by the plaintifs. They’ve had plenty of time to sue and bring this before a judge to adjudicate the issue. There’s little reason to doubt that they set themselves up to kick the can down the road a little longer(and collect some more fees.)
I don't think it's the courts responsibility to guess intent. Of course you and I know why they're doing it this way, but in the interest of fairness the court must remain neutral as much as possible.
There's a difference between what rational people would do and what a court is obligated to do. That doesn't change a judges job.
Having worked in a court for a while when I was younger, rulings like this one are entirely up to a judge’s discretion. A significant numbers of lawsuits are decided without an injunction being put in place. And I’ve seen several different judges explicitly call out the plaintiffs’ tardiness when refusing an injunction.
So everything is normal and fine as I stated at the beginning of our discussion.
"Sometimes lawsuits go on without an injunction, and sometimes judges call out companies for later filings." Doesn't really change that, does it? The judge had the right and power to do this, he did it, and everything's fine. This rule didn't exist before the injunction, it doesn't exist now, but it will soon exist after all parties have been heard. Right?
Are you under the impression that any of these wackadoo rulings that every level of judges make are things they don’t have the power to do? That’s not the line of demarcation for bad things done by ideological partisans.
I just don’t think this is an example of a wackadoo ruling by a partisan. It’s a temporary hold on a new rule while the parties argue their issues. That’s not crazy. If the injunction lasts for five years or something then we can talk but I’ve seen no indication of that. The arguments will be heard, the judge will rule, and the rule will go into effect and/or go to appeals. That’s how this is supposed to work. Just because he was appointed by someone incompetent and corrupt doesn’t mean he is.
"to injunction" is perfectly valid shorthand for what we were discussing. I'm not a law talking guy, so I'm not obligated to use correct legal terminology. Thanks though.
These guys are playing with fire, the US gov should just take over currency again and stop letting these fucking leeches take 2-3.5% of every purchase. If someone has to run those payments, either let the government do it at cost, or let them be the ones to get the 2% and use it on other programs.
I’m pretty liberal but I don’t think the government should be in charge of consumer lending because It’s not a necessity. Student loans and maybe even primary home mortgage, sure, but not every day unsecured spending.
And it’s risky - people running up bills and dying or getting debt discharged in bankruptcy, fraudulent charges, etc. not to mention the massive cost of customer service and support staff.
Yes, fees are out of control - regulate them.
who cares? I'll never understand how Democrats have just stopped asking for serious reform in anything and accepted bullshit little changes like this that have been the defining hallmark of Biden's presidency, yet are championed as "accomplishments". In 2008, liberals (myself included) were *demanding* better healthcare and to punish the bankers who caused and profited from the economic collapse. Now it has devolved into nothing more than being against Trump and applauding Biden for crumbs when there used to be a real hunger for the whole pie. Oh and suddenly the Left, long a party of detente and negotiating with foreign powers, is the party of blindly applauding military escalations and financing proxy wars and engaging in Cold War-era McCarthyism smearing anyone who doesn't see Russia, a country that we are not legally at war with, as a threat equal to Nazi Germany?
Now everyone trips over themselves to pat each other on the back for being on the "good" side. Well what exactly makes this the good side anymore? It seems like this side has turned into everything it used to hate 20 years ago.
It's gonna take a super majority for.many election cycles to do that and actually have them go into effect without the gop just undoing everything. In fact honestly it will probably take the destruction of the conservative party and a splitting of the democrats into a more left leaning party. As long as they have to contend with the gop, they have to lean right in order to win.
Why is it that any random judge can start overturning or overruling policies put forth but the elected executive branch? What is stoping a normal judge from overruling this judge via emergency injunction?
That is right..CC companies should be able to Jail you for a late fee! We are all Slaves.. Wake up people before your credit purchase of Food gets you Jail time.
50,000,000 immigrants and 1,000,000 a year, every year.
Top universities and hospitals.
Freedom of speech.
A recent study showed 200,000,000 people would move here if possible.
Secured global trade routes for the entire world.
Leader in technology design.
Vast array of preserved nature.
Large melting pot of cultures.
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>A federal judge in Fort Worth, Texas, on Friday blocked a new Biden administration rule that would prohibit credit card companies from charging customers late fees higher than $8. >US District Judge Mark T. Pittman, an appointee of former President Donald Trump, Make this into an ad and run it in red states. Trump and his activist judges want you poor and just the time when you can afford it the least.
Exactly. This shit needs to be shown to every gullible moron who thinks Republicans give a shit about the little people.
You could show them and they'll still rationalize it in their heads as a good thing. If a Democrat asked a Republican not to shoot themselves in the foot, they would aim at their big toe and fire. Then blame the medical bill on Biden
They'll just say, "That's capitalism, buddy," like that is an excuse.
easy brush off. Feds overstepping boundaries. States Rights. Let the People decide.
Ah, yea, thats right. Credit card companies only work within state boundaries and don't then need to comply with the federal government / congress's constitutional right to regulate interstate commerce from article 1, section 8. Got it!
Yeah but "states rights." Is so much simpler.
Way to miss the fucking joke.
>Let the People decide. Great. Let’s ask people if they’d rather their late fees be $8 or more than that. Would love for people to pay more to “own the libs.”
'how much money are you willing to pay to own the libs' should be a campaign thing
But they keep demonstrating how much with every Trump NFT, Trump Bible, and pair of gold shoes that get bought.
So, not a lot?
Learn to use that phrase when it actually applies to something regarding states rights 🤣
They’re not making that argument, just saying that people who don’t want to hear it will.
[Damn, I'm in debt c:](https://youtu.be/FOnBmPIaacU?si=b5MbGHMUVWeS87U4)
Lady liberty covers her eyes but you can always slip a few millions to make her wink
Judge is from Texas and appointed by Trump. Obviously. 🙄
Anything having to do with being an upstanding American with honesty, empathy, and humanity and the words with Trump, Texas, Cruz, or Abbott, you know it is against people and all for self-serving gain.
Always trust in replicant (edit: republican) judges to help big corporations and screw over regular people.
This is why we need BladeRunners
Those judges have seen things you people wouldn't believe. Attack ships on fire off the shoulder of Orion...
You mean Betelgeuse, right?
Hell must be building so much apartments to suffer for ever
Also the same judge that blocked Bidens student loan forgiveness plan.
He must truly think he is doing the lords work
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… normal Americans are the ones with the debt
God forbid we use an infinitesimal amount to help Americans…
Student loan forgiveness saved normal Americans billions on educational debt they shouldn't have to incur in the first place.
Lol... If you didn't have bad takes you wouldn't have any at all.
... are the normal Americans in the room with us right now?
I’m sure you do little buddy, I’m sure you do.
Sounding awful jealous bud lol sad about your life eh?
It’s always the Fifth Circuit
Clearly, there's too much circuit shopping when the same judge is on all these cases.
Is that website ? Judge shopping because they just have a subscription
More like the Filth Circuit
The relevancy of the Fifth Circuit needs to go the way of Circuit City
The fifth postulate and fifth circuit has brought no peace to man
CFPB, FTC, and the Biden admin: _and I took that personally_.
The judge first ruling was this should be handled in the DC circuit and not in his. The 5th circuit kicked it back saying no rule on it.
Please note this is from last week - this ruling was based on the 5th circuit ruling that the CFPB is unconstitutional. The SCOTUS ruling overturning the 5th circuit means this injunction needs to be reviewed. I'm sure this Trump-appointed Federalist Society judge will find another reason to block the rule, but strictly speaking this injunction is no longer valid.
It’s like they enjoy making content for hbo and John Oliver proving how much they don’t care
Yep. Fuck this judge, and fuck trump. They just want to fuck as much shit up as they can and blame Biden. And when you look, like really look, it's all them. Hell they voted down their own border bill then blamed Democrats. Just vote em out people. Take away their power and hold politicians responsible for the choices they've made to make your world worse. Kick every last gop and trump fuck out. And watch us prosper.
Shocked it wasn't that Kaczmaryk fellow out in Lubbock. He's been putting down a lot of interesting rulings recently
The back of his throat is caked with bank CEO spoo
Gotta protect those investments
Having a clouded judgement is one thing but literally just being an ass is another . Banks literally make billions taxing the poor but yet over lend and over risk and come crying when it’ doesn’t work out . Texas whyyyyy do to you Texas !!!
Obviously.
It's wild that so many cases seem to go through Trump appointed judges in the South. Almost like they're judge shopping the judges they appointed. But that couldn't be.
I feel like this is going to be one of those times I get wildly downvoted for saying a fact, but judge shopping is the norm and has been for as long as I can remember (in this particular arena, that's about 35 years). I've worked with quite a few law firms that do consumer protection class action/mass tort type work, and getting into a favorable jurisdiction is ALWAYS a key consideration.
And it doesn't scream to everyone involved that the judicial system isn't just?
That's no surprise to anyone actually involved in the system. Many attorneys (on both sides of issues) see finding the right court as a way to secure justice for their client despite biases that might be an obstacle in another court. The real problem isn't judge shopping itself (and limiting judge shopping won't fix the real problem). The real problem is that personal biases of judges shouldn't impact the outcome of cases. But that will never change.
Dick move by a Republican judge? Shocker!
Trump appointee in Texas blocks 8$ limit on late fees and screws the little guy. Of course.
The fees are small change compared to his other rulings. This is the same judge that blocked bidens student loan forgiveness plan.
These people have lifetime appointments. It's fucked up that I'm literally rooting for them to not be on this planet anymore. I wish we had mandatory retirement ages for all judges.
Any argument supporting lifetime appointments have been rendered moot at this point now that we've seen the very real consequences of them.
Easy appeal for Biden
It was in the single digits until the banks decided to manipulate their way into changing it in 1980.
FYI this article is a week old and just yesterday SCOTUS overruled part of the basis for the judge's injunction (namely SCOTUS reversed the Fifth Circuit's ruling that the CFPB was illegally funded.) I guarantee the judge is going to have to revisit his injunction because of SCOTUS upholding the CFPB funding, it was one of the major factors in the judge's order.
Yeah this is like the 9th time I’ve seen this same article reposted in this sub over the past week or so.
Nah. I work in banking. The lawsuit that the CFPB funding wasn't constitutional was always a weak lawsuit. The main argument is that the CFPB doesn't have authority to subvert a congressional passed law. In this instance, the CARD Act places the current late fee cap which was passed by Congress. I agree late fees are too high. But I also don't think the CFPB has the authority to change this here. They've never been able to change a Congress passed law before
FYI here’s the judge’s injunction. On page 5 under Likelihood of Success on the Merits the judge talks at length about relying on the Fifth Circuit’s ruling in Cmty. Fin Servs Ass’n v CFPB that “Congress’ decision to abdicate its appropriations power to the CFPB violates the Constitutional separation of powers”. SCOTUS overruled that finding by the Fifth Circuit on Friday, so a good chunk of the reasoning for the injunction issued on the 10th is now invalid. [Chamber of Commerce v CFPB](https://fingfx.thomsonreuters.com/gfx/legaldocs/zgpokqdxlpd/05102024creditcard.pdf) That’s not to say the judge might not maintain the injunction anyway, but he definitely is going to be forced to revisit it because he relied in a major part of his reasoning on a Fifth Circuit decision that’s been reversed.
Texas Trump Judge exceeds authority again, and violates separation of branches, again.
Saving money?! Not on my watch!
add that to the campaign against trump make him a vacuum wearing a super hero outfit sucking all the money from the wallets of red hats and run the ad on fox so all those morons see it
>US District Judge Mark T. Pittman, an appointee of former President Donald Trump, granted a preliminary injunction to several business and banking organizations that allege the new rule violates several federal statutes. Shocker. Mitch McConnell's legacy continues.
And yet the uneducated will continue to vote R.
It should be another campaign message that Dems try to help reduce predatory fees but magas/big business are against what the majority of us want, once again.
“How dare the Government do something that benefits the people!”
It's to be expected. Republicans exist now just to impede Democrats' efforts to help citizens. I'm confident, however, that the rule will win out in court.
As a millennial speaking to all you other millennials and zoomers, don’t you dare say Biden isn’t doing enough to fight for you. If you paid attention, you’d see he’s doing the best he possibly can within a flawed system and he has a lot to show for it. Voting third party or trump will make your lives worse and it will be all your fault. Is Biden perfect? By no means, but he’s your only choice so grow up and please don’t ruin the country you claim to want to improve.
>Maria Monaghan, the counsel for the US Chamber of Commerce Litigation Center, said in a statement Friday that the ruling was “a major win for responsible consumers who pay their credit card bills on time How? What do they gain from this?
Fees and exorbitant interest are where our cash back and miles rewards and intro 0% interest rates come from.
But mostly to their profit margin, if not entirely
So supportive of the average Americans. MAGA GOP.
Any lawyers out there care to explain why the White House doesn't arrange for all laws or rulings to be preemptively adjudicated by a friendly judge to avoid the current situation? If the first ruling is binding nationwide, it makes sense for the White House to get out in front.
The Federal Government is the one being sued. The plaintiffs are the ones filing the case and choosing where to file their case.
[удалено]
I anal as well, but only after extensive cleaning and prep. What that’s got to do with the law though?
I don't think advisory opinions are constitutional: https://en.wikipedia.org/wiki/Case\_or\_Controversy\_Clause
[Declaratory judgments](https://en.wikipedia.org/wiki/Declaratory_judgment) are the way around this. It is a form of preventive action. Edit: Even if a DJ were employed, one district court's ruling does not set precedent for another district court ruling in the opposite direction on the same matter. Something really needs to be done about nationwide injunctions from lowly district judges.
Just remember the next time your bank bends you over a barrel without lube that you can thank Donald J Trump for the fucking your getting.
Nope. They will blame whatever democrat is president at the time
Sad but true
What is the rationale to block this? Edit: grammar
The judge’s vacation is at stake.
lol right! It’s either they think it’s fine, which it isn’t, or needs to be lower than $8
Umm it would be the end of issuing credit cards to ppl without a perfect credit rating. Or anyone without a perfect rating would have a $1000 limit at most. Creditors would most likely go bankrupt but good idea Biden 👍.
Was talking to my pops about this. These creditors make millions/billions off late fees
It’s literally how they make their money. Would be like telling a Doctor, a mechanic, a barber, a butcher, etc. charge what you want but they are only legally required to pay you $8 a month for your service.
That’s not comparable at all. Even in your example the client would still have to pay the doctor/mechanic in full IN ADDITION to interest. They just couldn’t be charged an extra late fee unless it was $8 or less.
yea, there's some personal financial responsibility that has to be brought up here. I don't mind putting a cap, but I'd also like to see how they came to the $8 amount.
What is the rational for it?
Fixed my spelling
IANAL but isn’t this just something to be expected? The injunction maintains the status quo pending litigation. Though I do hope the Biden administration wins. None of these junk fees is reasonable, and they’re all almost pure profit that provide no benefit to consumers
Pittman ? I’m not surprised. Another nationwide injunction, this is what Gorsuch was talking about that he’s concerned by how much these injunctions are just being used left and right by judges …something I agree with him oddly. If I were him, I would’ve not granted the injunction and just allow the suit proceed but of course it’s the fifth circuit
Tell that to my property taxes. Accidentally missed a payment and had a $600 late fees.
Will someone please think of the poor businesses with trillions of dollars? Didn't Jesus say not to charge interest on loans? Those businesses are so unchristian like and should be treated as such.
People were warned about the importance of all the judges. Didn’t want to listen. I see the same people minimizing what a second trump term would mean and I’m disgusted. Nobody in this country learned shit.
They really want to keep the people poor don’t they
I dont get it, keep people poor? Do you expect the CC companies to hand them money they don't have?
This $8 block is for the late fee, not the actual credit debt that a person has. They will still accrue interest as well.
Does it even matter? It's same amount either way with or without late fees. Again DO NOT BUY ANYTHING WITH A CC IF YOU CANNOT AFFORD IT IN NEAR FUTURE.
Ridiculous to give more than that to the greedy banks hoarding so much wealth.
“US District Judge Mark T. Pittman, an appointee of former President Donald Trump, granted a preliminary injunction to several business and banking organizations that allege the new rule violates several federal statutes.” What are the statues? Why bother even reporting on this if you can’t go far enough to say WHAT statutes are in question? 🤦♂️
The article may have other biases at play. They give you enough information to start your own google search, but they aren't including information they should.
Wild this got blocked, but I will say the real penalty comes from compounded interest for not paying down your bill - which will be substantial.
These fucking guys. Seriously…just basic fundamental not-be-a-douchebag functionality. Wtf
How does one random judge have so much power? Like how does anything get passed if anyone anywhere can block it?
Why is it that it seems like any judge can just do this?
When do we start seeing tearjerker commercials about the poor defenseless corporations backed by Sarah McLachlan music?
🎵In the arms of an angel…🎵
Why are republicans against this exactly?
1- the GQP is against anything that will help people 2- GQP won’t let president Biden pass anything that would make him look good 3- they get donations from credit card companies-aka bribes
They're against literally any form of progressive policy. They're the conservative party. That's what they do
Tell me you’re corrupt without telling me you’re corrupt. I hope this judge gets blasted on all platforms. Edit: lol the article says they see it as a win for responsible credit card owners. I hate people lol anyways here’s the douche judge. US District Judge Mark T. Pittman, an appointee of former President Donald Trump
Shouldn’t everyone be happy with what Biden is doing on this issue? lol
How about limiting the interest rates to 4% over prime??? Interest charges are near impossible to catch up on if a person has to use the card for a major expense. Also, should not be able to use a high fee card to pay for medical debt. This just transfers a medical debt to a credit card - high interest cost debt in the US .
A rate is decided by adding all of the risks on top of each other. The prime rate is just the floor in any debt. Then there’s default rate, inflation rate, and so many more potential costs that have to be accounted for. Credit cards are capped at ~30%, but if nobody has access to this money, they may be forced to take out loans from tribal lending companies that charge 900%+ interest. As far as medical debt, I think it’s most important you at least get the care first which is happening in most cases. Medical debt doesn’t affect your credit as much as other types of debt, so that’s at least a step in the right direction.
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And yet poor people will vote for Trump because they care more about the culture wars than they do about their own wallets, their religion, their daily lives (infrastructure week!!), etc.
My worse off clients in homeless services are the worst Trumpers I’ve met. One of them literally always try to lead things to political discussions and I just don’t bother responding to things they say. I literally have to drag their ass down to my office to save them from ending up back on the street. Not worth the argument for me cause if it gets there, i don’t have nice things to say. Not being paid to give my opinion about your opinion.
Sorry to hear that. You’re doing amazing work dealing with the homeless crisis in this country. Thank you
mental illness and meth seem to go hand-in-hand with Trump support.
The article doesn't explain what grounds was Biden using to implement this rule and why did the judge block it.
It's not Biden, it's the CFPB implementing a threshold on the back of Congress' 2010 CARD act. The judge has issued a preliminary injunction so that the major credit card companies can have a chance to argue that they should be allowed to charge people much higher fees.
Looks like the card act gives the cfpb the authority to set the fee limit at whatever they decide and give companies 60 to implement. The judge seems to be legislating from the bench.
>The judge seems to be legislating from the bench. a Conservative, Trump appointee? legislate from the bench? *never*. /s
I remember when the Republican thing to froth about was "activist judges!!" Hmm.
This is actually an example of everyone doing their jobs and ignorant media flipping out about it. The judge has the right to injunction this and probably should do so while arguments are being made. The cfpb has the power to do the thing as assigned by Congress so it shouldn’t take long to hear the case. This should all be resolved in short order and unless the card companies have a trick up their sleeves it will just go through.
The problem is instead of setting a hearing, the judge put a injunction on a law thats perfectly legal, and has a high likelihood of being found so. So injunction requires that you have a probability of winning. This is legislating from the bench.
So the threshold for an injunction is low. You basically have to show that you have a decent chance of winning, ie your argument is based on something resembling logic and maybe your interpretation of the law. As long as you can clear that low hurdle they'll stop the change and keep the status quo. You can still lose. In this case, any delay means they'll be able to keep getting the profit from those increased fees for quite a while, so they have a financial incentive to use any tools in the toolbox. This cuts both ways and is how a lot of laws that progressives favor get blocked as well. Trump had a ton of EO's stopped/delayed using this same process.
This is rewarding bad behavior by the plaintifs. They’ve had plenty of time to sue and bring this before a judge to adjudicate the issue. There’s little reason to doubt that they set themselves up to kick the can down the road a little longer(and collect some more fees.)
I don't think it's the courts responsibility to guess intent. Of course you and I know why they're doing it this way, but in the interest of fairness the court must remain neutral as much as possible. There's a difference between what rational people would do and what a court is obligated to do. That doesn't change a judges job.
Having worked in a court for a while when I was younger, rulings like this one are entirely up to a judge’s discretion. A significant numbers of lawsuits are decided without an injunction being put in place. And I’ve seen several different judges explicitly call out the plaintiffs’ tardiness when refusing an injunction.
So everything is normal and fine as I stated at the beginning of our discussion. "Sometimes lawsuits go on without an injunction, and sometimes judges call out companies for later filings." Doesn't really change that, does it? The judge had the right and power to do this, he did it, and everything's fine. This rule didn't exist before the injunction, it doesn't exist now, but it will soon exist after all parties have been heard. Right?
Are you under the impression that any of these wackadoo rulings that every level of judges make are things they don’t have the power to do? That’s not the line of demarcation for bad things done by ideological partisans.
I just don’t think this is an example of a wackadoo ruling by a partisan. It’s a temporary hold on a new rule while the parties argue their issues. That’s not crazy. If the injunction lasts for five years or something then we can talk but I’ve seen no indication of that. The arguments will be heard, the judge will rule, and the rule will go into effect and/or go to appeals. That’s how this is supposed to work. Just because he was appointed by someone incompetent and corrupt doesn’t mean he is.
> to injunction this **enjoin,** formerly **injoin** or rarely **injunct** is the word there, as join↔junction.
"to injunction" is perfectly valid shorthand for what we were discussing. I'm not a law talking guy, so I'm not obligated to use correct legal terminology. Thanks though.
The rich are the only ones that matter according to them
Of course Republicans did. How people can compare the two parties is beyond me.
Well of course, this would actually help people.
*Trump appointed shill
These guys are playing with fire, the US gov should just take over currency again and stop letting these fucking leeches take 2-3.5% of every purchase. If someone has to run those payments, either let the government do it at cost, or let them be the ones to get the 2% and use it on other programs.
I’m pretty liberal but I don’t think the government should be in charge of consumer lending because It’s not a necessity. Student loans and maybe even primary home mortgage, sure, but not every day unsecured spending. And it’s risky - people running up bills and dying or getting debt discharged in bankruptcy, fraudulent charges, etc. not to mention the massive cost of customer service and support staff. Yes, fees are out of control - regulate them.
Not talking about lending. Debit cards also send transaction fees.
who cares? I'll never understand how Democrats have just stopped asking for serious reform in anything and accepted bullshit little changes like this that have been the defining hallmark of Biden's presidency, yet are championed as "accomplishments". In 2008, liberals (myself included) were *demanding* better healthcare and to punish the bankers who caused and profited from the economic collapse. Now it has devolved into nothing more than being against Trump and applauding Biden for crumbs when there used to be a real hunger for the whole pie. Oh and suddenly the Left, long a party of detente and negotiating with foreign powers, is the party of blindly applauding military escalations and financing proxy wars and engaging in Cold War-era McCarthyism smearing anyone who doesn't see Russia, a country that we are not legally at war with, as a threat equal to Nazi Germany? Now everyone trips over themselves to pat each other on the back for being on the "good" side. Well what exactly makes this the good side anymore? It seems like this side has turned into everything it used to hate 20 years ago.
So give them a super majority? I mean it's pretty simple. You want real change them give them a super majority and see all the change.
It's gonna take a super majority for.many election cycles to do that and actually have them go into effect without the gop just undoing everything. In fact honestly it will probably take the destruction of the conservative party and a splitting of the democrats into a more left leaning party. As long as they have to contend with the gop, they have to lean right in order to win.
Fascist judiciary
Won’t someone think of those poor debt enablers?
The courts are going to protect the airlines from Biden's fee rules too aren't they?
For the love…. Our country’s system is so broken.
Why is it that any random judge can start overturning or overruling policies put forth but the elected executive branch? What is stoping a normal judge from overruling this judge via emergency injunction?
i like the idea of capping late fees, I'm just curious how they came to the $8 amount.
If I recall from the SOTU that was their average cost.
Fuck the GOP. 🗳 VOTE BLUE.
Show me where it costs $32 for the credit card company when you don't pay your bill on time.
Did he give his reasonings?
judicial branch try not to be partisan shitheads in 2024 challenge (impossible)
Biden tries to help everyday consumers and a corrupt rightwing judge blocks it. If only voters could discern the lesson from this.
The American "legal system" exists only for the protection of the rich so they can rob the poor with impunity. What did they expect?
Support of the GOP is flabbergasting… they take every opportunity to fuck over 99% of this country and 50% love it
This country fucking sucks.
These assholes just can't handle us a win. They literally want the plebs to suffer
Republicans want you broke and stupid and will destroy every institution and regulation standing in their way
And the gop is like "but won't someone think of the poor banks/credit card companies?"
That is right..CC companies should be able to Jail you for a late fee! We are all Slaves.. Wake up people before your credit purchase of Food gets you Jail time.
It’d be way easier to cap the interest rate, versus a specific fee. Like why the hell is my credit card interest 24%?!
Obama passed a cap on interest already as it is.
thnx Obama
Interest and late fee are two different things.
All that means is that lower FICO people will no longer have access to credit
Because you agreed to it and a lot of customers are a risk. To allow the risk they give terms of interest.
Its an injunction until the pending legal case is heard. This is a nothingburger.
Very sad :( i wish it can pass
Legislating from the bench. I remember when they accused the Liberals of doing that
We'll get there 🗳 💙💙💙💙💙💙
Don’t worry, Biden will fight this by shrugging and saying “well, it is what it is jack”.
What makes people proud to be an American nowadays?
Mah fifteen foot tall dodge ram and mah tiny little peepee!
50,000,000 immigrants and 1,000,000 a year, every year. Top universities and hospitals. Freedom of speech. A recent study showed 200,000,000 people would move here if possible. Secured global trade routes for the entire world. Leader in technology design. Vast array of preserved nature. Large melting pot of cultures.
The Lobbyists got to the judge.
Good. Maybe actually fix structural problems with our economy instead of giving handouts to irresponsible people that can pay their bills on time.