118th Congress Finance and Financial Sector
H.J.Res. 121: Disapproval of Bureau of Consumer Financial Protection rule: Credit Card Penalty Fees (Regulation Z)
Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to "Credit Card Penalty Fees (Regulation Z)".
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This joint resolution nullifies the final rule issued by the Consumer Financial Protection Bureau titled Credit Card Penalty Fees (Regulation Z) and published on March 15, 2024. The rule lowers the safe-harbor cap on certain credit card late fees. In particular, late fees allowed under safe-harbor provisions must be capped at $8 when charged by a large credit card issuer. This cap is not subject to annual adjustment to reflect inflation.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Andy Biggs R-AZ
- Byron Donalds R-FL
- Scott Perry R-PA
- Randy Weber R-TX
- Rudy Yakym R-IN
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Other bills by Andrew Ogles
History
- Introduced in the House by Andrew Ogles.
Show the full action history (2 actions)
- Introduced in House
- Referred to the House Committee on Financial Services.