H.J. Res. 122, 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)”
H.J. Res. 122 would disapprove a final rule published by the Consumer Financial Protection Bureau (CFPB) in March 2024. By invoking a legislative process established in the Congressional Review Act, the resolution would repeal the rule and prohibit the agency from issuing the same or any similar rule in the future. The rule, which caps at $8 per instance the amount that large credit card issuers may charge in late fees, is now under a nationwide injunction because of ongoing litigation.
Using information from the CFPB, CBO estimates that any cost to the agency to repeal the final rule and provide guidance to large credit card issuers would be insignificant. The CFPB is permanently authorized to spend amounts transferred from the combined earnings of the Federal Reserve in an amount necessary to carry out its responsibilities; that spending is classified as direct spending.
