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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)".

S.J.Res. 70 Sen. Tim Scott (R-SC) In committee
Bill text PDF
  1. Introduced Apr 8
  2. Committee Apr 8
  3. Passed Senate Next
  4. Passed House Not yet
  5. To President Not yet
  6. Law Not yet
Where it stands
In committee, Apr 8, 2024Next: Senate vote
933d ago Apr 8, 2024: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Final votes
No roll callsNo recorded vote on this bill yet
Lobbying
2companies, 2 filings
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Summary

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.

Library of Congress summary, Apr 8, 2024

Summary versions
  • Introduced in SenateApr 8, 2024

Official record from Congress.gov, the House Clerk and the Senate; lobbying from Lobbying Disclosure Act filings. Updated Oct 27, 2026.