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)".

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. 8 April 2024

   Introduced

   Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

   Source: IntroReferral

2. 8 April 2024

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 8 April 2024 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 8 April 2024

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 8 April 2024

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 8 April 2024

  Open at official source

Sponsors

• Tim Scott · R · Sponsor
• Jerry Moran · R · Sponsor
• Kevin Cramer · R · Sponsor
• Mike Rounds · R · Sponsor
• John Barrasso · R · Sponsor
• John Thune · R · Sponsor
• Thomas Tillis · R · Sponsor
• Sen. Braun, Mike [R-IN] · R · Sponsor
• Steve Daines · R · Sponsor
• Bill Hagerty · R · Sponsor
• John Boozman · R · Sponsor
• Katie Britt · R · Sponsor
• Marsha Blackburn · R · Sponsor
• Ted Budd · R · Sponsor
• Tommy Tuberville · R · Cosponsor
• Mike Lee · R · Cosponsor
• · ssbk00 · 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 → 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)".