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)".
USA118th CongressHJRES-122| House
| Updated: 7/30/2024
Andy Barr
Republican Representative
Kentucky
Cosponsors (21)
Adrian Smith (Republican)Steve Womack (Republican)Zachary Nunn (Republican)William R. Timmons (Republican)Pete Sessions (Republican)J. French Hill (Republican)Barry Loudermilk (Republican)Daniel Meuser (Republican)Ann Wagner (Republican)Roger Williams (Republican)Brad Finstad (Republican)Scott Fitzgerald (Republican)Blaine Luetkemeyer (Republican)Byron Donalds (Republican)John W. Rose (Republican)Bill Huizenga (Republican)Bill Posey (Republican)Randy K. Sr. Weber (Republican)Michael Lawler (Republican)Ralph Norman (Republican)Brian Babin (Republican)
Financial Services Committee
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
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
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held
Ordered to be Reported by the Yeas and Nays: 28 - 22.
Placed on the Union Calendar, Calendar No. 516.
Reported by the Committee on Financial Services. H. Rept. 118-618.
Finance and Financial Sector
Administrative law and regulatory proceduresCongressional oversightConsumer Financial Protection BureauFinancial services and investmentsUser charges and fees
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)".
USA118th CongressHJRES-122| House
| Updated: 7/30/2024
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.
Suggested Questions
Get AI-generated questions to help you understand this bill better
Timeline
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held
Ordered to be Reported by the Yeas and Nays: 28 - 22.
Placed on the Union Calendar, Calendar No. 516.
Reported by the Committee on Financial Services. H. Rept. 118-618.
Andy Barr
Republican Representative
Kentucky
Cosponsors (21)
Adrian Smith (Republican)Steve Womack (Republican)Zachary Nunn (Republican)William R. Timmons (Republican)Pete Sessions (Republican)J. French Hill (Republican)Barry Loudermilk (Republican)Daniel Meuser (Republican)Ann Wagner (Republican)Roger Williams (Republican)Brad Finstad (Republican)Scott Fitzgerald (Republican)Blaine Luetkemeyer (Republican)Byron Donalds (Republican)John W. Rose (Republican)Bill Huizenga (Republican)Bill Posey (Republican)Randy K. Sr. Weber (Republican)Michael Lawler (Republican)Ralph Norman (Republican)Brian Babin (Republican)
Financial Services Committee
Finance and Financial Sector
Related Bills
- SJRES 118-70: 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)".
- HJRES 118-121: 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
- In Committee
- On Floor
- Passed Chamber
- Enacted
Administrative law and regulatory proceduresCongressional oversightConsumer Financial Protection BureauFinancial services and investmentsUser charges and fees