Daines Joins Colleagues in Introducing Measure to Overturn Harmful Credit Card Fee Rule

U.S. SENATE – U.S. Senator Steve Daines helped introduce a measure to overturn the Consumer Financial Protection Bureau’s (CFPB) rule capping credit card late penalties. The Congressional Review Act (CRA) resolution argues the CFPB’s rule will decrease the availability of credit card products for those who need it most, raise rates for many borrowers who carry a balance but pay on time, and increase the likelihood of late payments across the board.

“During a time when inflation is already at a record high thanks to the Biden Administration, this rule from the CFPB doesn’t help ease the financial strain on Montana families. It’s a politically motivated scheme that will only raise interest rates for low-income credit card users and responsible borrowers,” Daines said.

Read the full text of the CRA HERE.

The CRA resolution has the support of the Consumer Bankers Association; America’s Credit Unions; Independent Community Bankers of America; Bank Policy Institute; American Bankers Association; Americans for Tax Reform; Competitive Enterprise Institute; and the U.S. Chamber of Commerce.