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Congressional Disapproval of Credit Card Penalty Fee Rule

This document proposes that Congress reject new rules regarding credit card late payment fees. If approved, the previously announced changes to these fees will not take effect. This means that late payment fees may remain at their current levels, rather than being lowered as per the rejected new rules.
Key points
Congress seeks to block new rules on credit card late payment fees.
If approved, rules intended to lower these fees will not be implemented.
Citizens may continue to pay higher late payment fees if Congress's proposal is enacted.
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Additional Information
Print number: 118_HJRES_121
Sponsor: Rep. Ogles, Andrew [R-TN-5]
Process start date: 2024-03-26
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Summarized by: gemini-2.5-flash
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

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)".

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HJRES_121.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-03-26.

What are the main provisions?

Key points include:

  • Congress seeks to block new rules on credit card late payment fees.
  • If approved, rules intended to lower these fees will not be implemented.
  • Citizens may continue to pay higher late payment fees if Congress's proposal is enacted.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Ogles, Andrew [R-TN-5].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

CATEGORIES

Economy