$8 credit card late fee limit scrapped

(CNN)– The Trump Administration has scrapped a government-imposed $8 limit on most credit card late fees.

The Consumer Financial Protection Bureau adopted the fee cap last year, estimating it would save households $10 billion dollars a year.

Banking and business trade groups sued to block the rule and won an injunction blocking it from taking effect.

Now controlled by the Trump Administration, the bureau reversed its position and said it agreed with the banks that the fee cap was illegal.