Banks are keeping credit card rates high even after the CFPB rule they blamed for high APRs was killed

Group 1 - Banks have raised interest rates to record levels and added new monthly fees on credit cards, and are now reluctant to reverse these changes despite the Consumer Financial Protection Bureau (CFPB) rule being vacated [1] - Synchrony and Bread Financial, major players in branded credit card issuance, have no plans to roll back the higher rates implemented previously, indicating a shift in their revenue strategy [2] - The CFPB's proposed regulation aimed to limit credit card late fees, which was estimated to save families $10 billion annually, but instead led to higher rates and fees for consumers [2] Group 2 - Retail credit card interest rates reached a record high average of 30.5% last year and have remained close to those levels this year, indicating a significant profit margin for credit card companies [3] - Both Synchrony and Bread Financial exceeded first-quarter profit expectations, leading analysts to raise their earnings estimates for the year despite concerns about a potential U.S. economic slowdown [3]