Bill > S3660

This bill, known as the Credit Card Fairness Act, aims to reduce excessive credit card late fees by amending the Truth in Lending Act. It codifies a rule from the Consumer Financial Protection Bureau (CFPB), an independent agency that oversees financial products and services, to ensure late fees are reasonable and proportional to the costs incurred by credit card issuers. Specifically, for "large credit card issuers" – those with one million or more open accounts in the previous year – late fees will be capped at $8 per instance, and the fee cannot exceed the actual costs incurred by the issuer from the late payment, preventing issuers from profiting from these fees. The CFPB can adjust this $8 cap annually based on inflation, using the Consumer Price Index. Any legal challenges to this provision or the CFPB's decisions regarding it must be filed in the U.S. District Court for the District of Columbia, and the CFPB must publicly release its research before proposing any new rules on this matter.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/3660/all-info