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)".

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. 

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S.J. Res. 70 Introduced in Senate (IS)]

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118th CONGRESS
  2d Session
S. J. RES. 70

  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)''.


_______________________________________________________________________


                   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)''.

    Resolved by the Senate and House of Representatives of the United 
States of America in Congress assembled, 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.
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