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)".

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. 

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Timeline

1. 29 March 2024

   Introduced

   Introduced in House

   Source: IntroReferral

2. 29 March 2024

   Introduced

   Introduced in House

   Source: IntroReferral

3. 29 March 2024

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

4. 17 April 2024

   Vote

   Ordered to be Reported by the Yeas and Nays: 28 - 22.

   Source: Committee

5. 17 April 2024

   Committee

   Committee Consideration and Mark-up Session Held

   Source: Committee

6. 30 July 2024

   Calendars

   Placed on the Union Calendar, Calendar No. 516.

   Source: Calendars

7. 30 July 2024

   Reported

   Reported by the Committee on Financial Services. H. Rept. 118-618.

   Source: Committee

8. 30 July 2024

   Reported

   Reported by the Committee on Financial Services. H. Rept. 118-618.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Reported in House · 30 July 2024 · Official file
• Introduced in House · 29 March 2024 · Official file

Documents

5 official files

• Reported in House (text)

  Reported in House · EN · 30 July 2024

  ViewDownloadOpen at official source

• Reported in House (PDF)

  Reported in House · EN · 30 July 2024

  ViewDownloadOpen at official source

• Introduced in House (text)

  Introduced in House · EN · 29 March 2024

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 29 March 2024

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 29 March 2024

  Open at official source

Sponsors

• Rep. Barr, Andy [R-KY-6] · R · Sponsor
• Blaine Luetkemeyer · R · Sponsor
• Rep. Wagner, Ann [R-MO-2] · R · Sponsor
• Bill Posey · R · Sponsor
• Rep. Sessions, Pete [R-TX-17] · R · Sponsor
• Bill Huizenga · R · Cosponsor
• Rep. Womack, Steve [R-AR-3] · R · Cosponsor
• Rep. Weber, Randy K. Sr. [R-TX-14] · R · Cosponsor
• Rep. Williams, Roger [R-TX-25] · R · Cosponsor
• Zachary Nunn · R · Cosponsor
• Rep. Donalds, Byron [R-FL-19] · R · Cosponsor
• Rep. Fitzgerald, Scott [R-WI-5] · R · Cosponsor
• William Timmons · R · Cosponsor
• Daniel Meuser · R · Cosponsor
• Rep. Hill, J. French [R-AR-2] · R · Cosponsor
• Rep. Smith, Adrian [R-NE-3] · R · Cosponsor
• Rep. Finstad, Brad [R-MN-1] · R · Cosponsor
• Barry Loudermilk · R · Cosponsor
• Brian Babin · R · Cosponsor
• Rep. Norman, Ralph [R-SC-5] · R · Cosponsor
• John Rose · R · Cosponsor
• Rep. Lawler, Michael [R-NY-17] · R · Cosponsor
• · hsba00 · Standing

Related records

• related to → 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)".
• related to ← 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)".