An amended Consumer Financial Protection Bureau (CFPB) regulation that was set to take effect next week is facing a final effort to block its implementation.

In March, the CFPB finalized a rule that would cut excessive credit card late fees by closing a loophole that companies have used to steadily increase their fees for late payment. The CFPB found that since 2010, issuers have used late penalties as a major generator of additional revenue growing to over $14 billion in 2022.

The new rule was set to take effect on May 14 and would have capped credit card late fees at $8 per incident. Prior to the new guidelines, the typical late fee was $32.

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