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)”
Cost Estimate
As ordered reported by the House Committee on Financial Services on April 17, 2024
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)”
As ordered reported by the House Committee on Financial Services on April 17, 2024
By Fiscal Year, Millions of Dollars
2024
2024-2029
2024-2034
Direct Spending (Outlays)
0
*
*
Revenues
0
0
0
Increase or Decrease (-) in the Deficit
0
*
*
Spending Subject to Appropriation (Outlays)
0
0
0
Increases net direct spending in any of the four consecutive 10-year periods beginning in 2035?
No
Statutory pay-as-you-go procedures apply?
Yes
Mandate Effects
Increases on-budget deficits in any of the four consecutive 10-year periods beginning in 2035?
No
Contains intergovernmental mandate?
No
Contains private-sector mandate?
No
* = between zero and $500,000.
Summary
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.
