Front-Running Biden's Big Speech, Banks Sue Over Credit Card Late Fee Crackdown

Also, Powell expects to get Basel done this year

The banking industry – looking to get ahead of the big presidential speech tonight – sued to overturn the CFPB’s brand new rule on credit card late charges, labeling it a “rushed and predetermined effort by President Biden to cap and eliminate a host of unpopular `junk fees.’”

The case was brought in a Texas federal court by the American Bankers Associat…