"Judge Mark Pittman, a Trump appointee, had already blocked the rule back in December, calling it a violation of the Credit Card Accountability and Disclosure Act. That law allows reasonable penalty fees tied to costsnot a hard ceiling. Monday's joint filing from the CFPB and the business lobby confirms what many expected:
Trump isn't defending Biden's fee clampdown he's dismantling it.
On top of that, a federal appeals court just cleared the path for trimming CFPB staff, another step in weakening the agency without triggering a full legal showdown.
Why does this matter for markets? Because fee income is big business.
Late fees account for billions in recurring revenue, and with the cap gone, those earnings are safe for now. That regulatory clarity is bullish for credit card stocks, especially heading into earnings season.
Trump's move just reopened a lane for higher margins. If you're holding COF, AXP, or any lender with over a million cardholders, you're likely sitting on a quiet win."
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"Trump is For the Little Guy!"
Right, Trumpers?
