Texas judge throws out rule that would have capped credit card late fees

A Texas judge on Tuesday threw out a federal rule that would have capped credit card late fees after officials with Donald Trump’s administration and a coalition of major banking groups agreed that the rule was illegal.

The ruling by U.S. District Judge Mark Pittman in Fort Worth came a day after the Consumer Financial Protection Bureau and a collection of major industry groups that had filed a lawsuit last year to stop the rule announced they had come to an agreement to throw out the rule.

The groups that sued included the American Bankers Association, the Consumer Bankers Association, and the U.S. Chamber of Commerce.