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-121
Sponsor: full_name: Rep. Ogles, Andrew [R-TN-5]
Introduced: 2024-03-26
Policy area: Finance and Financial Sector
Latest action: action_date: 2024-03-26
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2024-03-26
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: IA 118th CONGRESS 2d Session H. J. RES. 121 IN THE HOUSE OF REPRESENTATIVES March 26, 2024 Mr. Ogles 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.