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)".
Latest Action
Referred to the House Committee on Financial Services.
Official Summary
Official summary has not been imported yet.
GovScope Watchdog™
AI Government Intelligence™This House Joint Resolution (HJRES 121) from the 118th Congress proposes congressional disapproval of a rule issued by the Bureau of Consumer Financial Protection concerning credit card penalty fees under Regulation Z. The resolution seeks to nullify the rule through the process established in chapter 8 of title 5, United States Code, which governs congressional review of federal regulations. The bill was referred to the House Committee on Financial Services but ultimately failed or expired without further action. No official summary or full text of the bill is available in the source data.
HJRES 121 aimed to reject a consumer financial protection rule on credit card penalty fees but did not advance beyond committee referral and expired without enactment.
- The bill targets a specific rule related to credit card penalty fees issued by the Bureau of Consumer Financial Protection.
- It uses the congressional disapproval mechanism under the Congressional Review Act (chapter 8 of title 5, U.S. Code).
- The bill was referred to the House Committee on Financial Services on March 26, 2024, but did not progress further and is now failed or expired.
['Congress, by exercising oversight authority over federal regulations.', 'Potentially credit card issuers or financial institutions if the disapproval prevents the rule from taking effect.', 'Stakeholders interested in the regulation of credit card penalty fees, including consumer advocacy groups and financial service providers.']
['Lack of detailed bill text and official summary limits understanding of specific provisions and impacts.', 'The disapproval process may affect regulatory certainty for credit card issuers and consumers.', 'Potential tradeoffs between consumer protection objectives and financial industry operational flexibility are not detailed.']
HJRES 121 was introduced in the House during the 118th Congress as part of the congressional review process to disapprove a rule by the Bureau of Consumer Financial Protection. The bill was referred to the House Committee on Financial Services but did not advance, resulting in failure or expiration. The legislative context involves oversight of financial regulations affecting credit card penalty fees, a topic of ongoing policy debate.
Hidden impact flags detected: 2
GovScope reviewed 2 policy-risk categories. Hover for a quick definition. Click detected flags for bill-specific details.
['If enacted, the disapproval could delay or prevent implementation of consumer protections related to credit card penalty fees.', 'Financial institutions might experience changes in compliance obligations depending on the status of the disapproved rule.', 'Consumer advocacy efforts and regulatory approaches to credit card fees could be influenced by congressional actions on such rules.']
The absence of an official summary and full bill text limits the ability to fully assess the bill's provisions and potential impacts. The bill's referral to committee without further action and its eventual failure or expiration indicate limited legislative progress. Transparency about the specific content of the disapproved rule and the rationale for disapproval would enhance public understanding and oversight.
GovScope Intelligence Roadmap
Future bill intelligence will connect sponsors, committee referrals, related votes, campaign finance, disclosures, and stock trades into one legislative intelligence view.