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Rejection of Credit Card Penalty Fee Regulations

The U.S. Congress has rejected new regulations concerning credit card penalty fees, which were proposed by the Bureau of Consumer Financial Protection. This means that the previous rules regarding these fees remain in effect, potentially impacting the amount of penalties charged by banks for late payments.
Key points
Congress disapproved new rules on credit card penalty fees.
Regulations intended to limit these fees will not take effect.
Banks can continue to charge penalty fees under existing rules.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 118_HJRES_122
Sponsor: Rep. Barr, Andy [R-KY-6]
Process start date: 2024-03-29
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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_122.

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 2024-03-29.

What are the main provisions?

Key points include:

  • Congress disapproved new rules on credit card penalty fees.
  • Regulations intended to limit these fees will not take effect.
  • Banks can continue to charge penalty fees under existing rules.
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. Barr, Andy [R-KY-6].

What is the latest detailed status?

The latest detailed status is: Placed on the Union Calendar, Calendar No. 516.

Is this summary verified?

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

CATEGORIES

Economy