“The system is harmful to everyone but more harmful to vulnerable low-wealth consumers and consumers of color

      May 14 was the day that the Consumer Financial Protection Bureau (CFPB) was set to implement a new rule that would save credit card holders an estimated $14 billion each year. The rule would provide savings of $220 per year on average for people who are charged late fees. Instead, a federal district judge imposed a temporary injunction that halted the rule’s implementation. […]