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: 118-hjres-122
Sponsor: full_name: Rep. Barr, Andy [R-KY-6]
Introduced: 2024-03-29
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Congressional oversight

Consumer Financial Protection Bureau

Financial services and investments

User charges and fees
Latest action: action_date: 2024-07-30
text: Placed on the Union Calendar, Calendar No. 516.

Summaries:
action_date: 2024-03-29
action_desc: Introduced in House
text: <p>This joint resolution nullifies the final rule issued by the Consumer Financial Protection Bureau titled <em>Credit Card Penalty Fees (Regulation Z)</em> 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.&nbsp;</p>

tv_txt: IB Union Calendar No. 516 118th CONGRESS 2d Session H. J. RES. 122 [Report No. 118–618] IN THE HOUSE OF REPRESENTATIVES March 29, 2024 Mr. Barr (for himself, Mr. Luetkemeyer , Mrs. Wagner , Mr. Posey , and Mr. Sessions ) submitted the following joint resolution; which was referred to the Committee on Financial Services July 30, 2024 Additional sponsors: Mr. Huizenga , Mr. Womack , Mr. Weber of Texas , Mr. Williams of Texas , Mr. Nunn of Iowa , Mr. Donalds , Mr. Fitzgerald , Mr. Timmons , Mr. Meuser , Mr. Hill , Mr. Smith of Nebraska , Mr. Finstad , Mr. Loudermilk , Mr. Babin , Mr. Norman , Mr. Rose , and Mr. Lawler July 30, 2024 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed 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) .

That Congress disapproves the rule submitted by the Bureau of Consumer Financial Protection relating to Credit Card Penalty Fees (Regulation Z) (89 Fed. Reg. 19128; published March 15, 2024), and such rule shall have no force or effect.

July 30, 2024 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed

tv_txt: IA 118th CONGRESS 2d Session H. J. RES. 122 IN THE HOUSE OF REPRESENTATIVES March 29, 2024 Mr. Barr (for himself, Mr. Luetkemeyer , Mrs. Wagner , Mr. Posey , and Mr. Sessions ) submitted the following joint resolution; which was referred to the Committee on Financial Services 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) .

That Congress disapproves the rule submitted by the Bureau of Consumer Financial Protection relating to Credit Card Penalty Fees (Regulation Z) (89 Fed. Reg. 19128; published March 15, 2024), and such rule shall have no force or effect.