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)".
Latest Action
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Official Summary
Official summary has not been imported yet.
GovScope Watchdog™
AI Government Intelligence™This joint resolution, Senate Joint Resolution 70 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 bill was introduced in the Senate and referred to the Committee on Banking, Housing, and Urban Affairs but has since failed or expired. No detailed summary or full text of the bill is publicly available, limiting the ability to analyze specific provisions or impacts.
SJ Res 70 aimed to overturn a consumer financial protection rule on credit card penalty fees but did not advance beyond committee referral and ultimately failed or expired.
- The resolution targets a Bureau of Consumer Financial Protection rule related to credit card penalty fees under Regulation Z.
- 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 Senate Committee on Banking, Housing, and Urban Affairs but did not progress further.
["Credit card issuers and financial institutions potentially affected by the Bureau of Consumer Financial Protection's rule on penalty fees.", 'Congressional members seeking to exercise oversight over federal financial regulations.']
["Lack of publicly available full bill text and official summary limits transparency and detailed understanding of the resolution's specific provisions.", 'The use of the Congressional Review Act to disapprove a consumer protection rule may raise questions about regulatory stability and predictability.', 'Potential impacts on consumer protections related to credit card penalty fees are not detailed in the available information.']
The resolution is part of the oversight process Congress uses to review and potentially nullify federal agency rules. It reflects legislative scrutiny of the Bureau of Consumer Financial Protection's regulatory actions in the financial sector, specifically regarding credit card penalty fees. The bill was introduced in the Senate during the 118th Congress but did not advance beyond committee referral and is now classified as failed or expired.
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 resolution could delay or prevent implementation of consumer protections related to credit card penalty fees, potentially affecting consumer financial costs and credit card issuer practices.', 'The use of the Congressional Review Act to overturn agency rules may influence future regulatory approaches and agency rulemaking strategies in the financial sector.']
The absence of a detailed official summary and full bill text restricts comprehensive analysis and public understanding. Monitoring the use of the Congressional Review Act in financial regulation contexts is important for assessing impacts on regulatory stability and consumer protections. The bill's failure or expiration status indicates it did not advance through the legislative process.
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