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Blocking New Federal Limits on Credit Card Late Fees.

This resolution aims to reject a new federal rule proposed by the Bureau of Consumer Financial Protection concerning limits on credit card penalty fees. If Congress passes this resolution, the rule intended to lower these fees will not take effect. This means that late payment fees charged by credit card companies may remain at their current, potentially higher, levels, directly impacting consumer finances.
Key points
Congressional action to disapprove the Consumer Financial Protection Bureau's rule on credit card penalty fees (Regulation Z).
If successful, the rule intended to cap or reduce late fees will be nullified.
Impact on personal finance: Late fees for credit card payments may not be lowered as planned, potentially increasing debt servicing costs.
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Status:
Expired
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Additional Information
Print number: 118_SJRES_70
Sponsor: Sen. Scott, Tim [R-SC]
Process start date: 2024-04-08
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-flash-latest
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

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)".

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_SJRES_70.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-04-08.

What are the main provisions?

Key points include:

  • Congressional action to disapprove the Consumer Financial Protection Bureau's rule on credit card penalty fees (Regulation Z).
  • If successful, the rule intended to cap or reduce late fees will be nullified.
  • Impact on personal finance: Late fees for credit card payments may not be lowered as planned, potentially increasing debt servicing costs.
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 Sen. Scott, Tim [R-SC].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Economy