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
Placed on the Union Calendar, Calendar No. 516.
Official Summary
Official summary has not been imported yet.
GovScope Watchdog™
AI Government Intelligence™This House Joint Resolution (HJRES 122) 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 outlined in chapter 8 of title 5, United States Code, which governs congressional review of federal regulations. The rule in question relates to how penalty fees on credit cards are regulated, but the specific provisions of the rule and the resolution text are not provided in the available data. The resolution was placed on the Union Calendar but ultimately failed or expired without passage.
HJRES 122 aimed to reject a consumer financial protection rule on credit card penalty fees but did not pass before expiring.
- The resolution targets a rule from the Bureau of Consumer Financial Protection related to credit card penalty fees under Regulation Z.
- It uses the congressional disapproval mechanism under chapter 8 of title 5, U.S. Code, allowing Congress to nullify federal regulations.
- The resolution was introduced in the House and placed on the Union Calendar but failed or expired without becoming law.
['Congress, by exercising oversight and review authority over federal regulations', 'Credit card issuers and financial institutions potentially affected by the disapproval of penalty fee regulations', "Consumers indirectly, depending on the outcome of the rule's disapproval or retention"]
['Lack of detailed bill text and official summary limits understanding of specific regulatory changes or impacts', 'Potential challenges in implementation if the disapproval had passed, including regulatory uncertainty for financial institutions', "Oversight and enforcement implications related to the Bureau of Consumer Financial Protection's authority and rulemaking process"]
HJRES 122 was introduced during the 118th Congress as part of the congressional review process for federal regulations. The resolution reflects legislative oversight of the Bureau of Consumer Financial Protection's regulatory actions on credit card penalty fees. The bill was placed on the Union Calendar but did not advance to passage, resulting in its failure or expiration.
Hidden impact flags detected: 2
GovScope reviewed 2 policy-risk categories. Hover for a quick definition. Click detected flags for bill-specific details.
['If passed, the resolution could lead to delays or revisions in credit card penalty fee regulations, affecting consumer protection measures.', 'Financial institutions might adjust credit card fee structures in response to regulatory uncertainty or changes.', 'Congressional disapproval could set a precedent influencing future oversight of consumer financial protection regulations.']
The absence of a full bill text and official summary limits detailed analysis of the rule's content and the resolution's specific provisions. Transparency would be improved by providing complete legislative text and regulatory details. Monitoring the use of congressional disapproval resolutions is important to understand their impact on regulatory stability and agency authority.
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