118th Congress Finance and Financial Sector
S.J.Res. 70: Disapproval of Bureau of Consumer Financial Protection rule: Credit Card Penalty Fees (Regulation Z)
A joint resolution 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 Senate (not reached)
- Passed House (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
- John Boozman R-AROriginal
- Marsha Blackburn R-TNOriginal
- John Barrasso R-WYOriginal
- Ted Budd R-NCOriginal
- Mike Braun R-INOriginal
- Katie Britt R-ALOriginal
- Kevin Cramer R-NDOriginal
- Steve Daines R-MTOriginal
- Bill Hagerty R-TNOriginal
- Jerry Moran R-KSOriginal
- Mike Rounds R-SDOriginal
- John Thune R-SDOriginal
- Thom Tillis R-NCOriginal
- Mike Lee R-UT
- Tommy Tuberville R-AL
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History
- Introduced in the Senate by Tim Scott.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.