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)".

Bill: 118-sjres-70
Sponsor: full_name: Sen. Scott, Tim [R-SC]
Introduced: 2024-04-08
Policy area: Finance and Financial Sector
Latest action: action_date: 2024-04-08
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2024-04-08
action_desc: Introduced in Senate
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: IIA 118th CONGRESS 2d Session S. J. RES. 70 IN THE SENATE OF THE UNITED STATES April 8, 2024 Mr. Scott of South Carolina (for himself, Mr. Moran , Mr. Cramer , Mr. Rounds , Mr. Barrasso , Mr. Thune , Mr. Tillis , Mr. Braun , Mr. Daines , Mr. Hagerty , Mr. Boozman , Mrs. Britt , Mrs. Blackburn , and Mr. Budd ) introduced the following joint resolution; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 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 (March 15, 2024)), and such rule shall have no force or effect.