HJRES 122 · 118th Congress · Finance and Financial Sector
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)".
Bill Progress
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Introduced2
Committee3
House Vote4
Senate5
EnactedLatest: Placed on the Union Calendar, Calendar No. 516.(2024-07-30)
Plain Language Summary
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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. …
Summarized by Claude AI · Non-partisan · For informational purposes only
CBO Cost Estimate
Congressional Budget OfficeH.J. Res. 122, 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)”
Jul 10, 2024As ordered reported by the House Committee on Financial Services on April 17, 2024
Full CBO report ↗Official non-partisan budget analysis by the Congressional Budget Office
Cosponsors (20)
20 Republicans