Credit Card Fairness Act

This bill would change the Truth in Lending Act to set a limit on credit card late fees charged by large card issuers, defined as those with 1,000,000 or more open accounts in the prior year. For these issuers, a late payment fee could not be more than $8, and could not be more than the issuer's costs as determined by the Consumer Financial Protection Bureau. The Bureau could raise the $8 cap in line with inflation as measured by the Consumer Price Index. Any legal challenge to these rules would have to be filed in federal district court in Washington, D.C., and the Bureau would have to publicly release its research before taking comments on a proposed rule.

Full text and official record on Congress.gov

Sponsors

• John Fetterman Democrat sponsor
• 5 cosponsors