,,ii  #aaith ,,congress  #b;d ,session  
,s4 #cffj  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,january #ae1  
#bjbf,mr4 ,fetterman 7for himself1 ,mr4 
,booker1 and ,ms4 ,baldwin7 introduced  
the following bill2 which was read twice
 and referred to the ,committee on      
,banking1 ,housing1 and ,urban ,affairs 
,a ,,bill  ,to amend the ,truth in      
,lending ,act to reduce excessive credit
 card late fees1 and for other purposes4
  #a4 ,short title ,this ,act may be    
cited as the ,credit ,card ,fairness    
,act4  #b4 ,purpose ,congress believes  
the late fees rule of the ,consumer     
,financial ,protection ,bureau under    
part #ajbf of title #ab1 ,code of       
,federal ,regulations 7commonly known as
 ,regulation ,z71 was appropriately     
promulgated as an extension of the      
,bureau's authority1 in existence at the
 time the rule was promulgated1 and this
 ,act is intended only to codify that   
appropriately promulgated rule and      
thereby limit late fees to an amount    

that is reasonable and proportional with
 respect to the costs of credit card    
issuers4  #c4 ,reasonable credit card   
late fees ,section #adi of the ,truth in
 ,lending ,act 7#ae ,u4,s4,c4 #affe;d7  
is amended-- 7#a7 in subsection 7c71 by 
striking shall consider and all that    
follows through the period1 and         
inserting shall consider the cost       
incurred by the creditor from such      
omission or violation42 and  7#b7 by    
adding at the end the following3  7f7   
,cap on credit card late fees  7#a7     
,definitions ,in this subsection3 7,a7  
,large credit card issuer ,the term     
large credit card issuer means credit   
card issuer that had #a1jjj1jjj or more 
open accounts during the preceding      
calendar year4  7,b7 ,open account ,the 
term open account has the meaning given 
that term in section #ajbf4eh7;b77#f7 of
 title #ab1 ,code of ,federal           
,regulations1 as in effect on the date  
of enactment of this subsection 7or     
successor regulation that is consistent 

with the purposes of the ,credit ,card  
,fairness ,act74  7#b7 ,fee limitation  
7,a7 ,in general ,subject to            
subparagraph 7,b71 a fee imposed by a   
large credit card issuer associated with
 a late payment on an account-- 7i7 may 
not exceed #h2 and  7ii7 shall not be1  
in the determination of the ,bureau1 in 
excess of the total costs described in  
subclause 7,i71 thereby contributing to 
profits of the credit card issuer4  7,b7
 ,updates to cap ,the ,bureau may       
increase the cap on late fees for all   
large credit card issuers under         
subparagraph 7,a77i7 by a rate that is  
not more than the change in the         
,consumer ,price ,index for ,all ,urban 
,consumers1 as published by the ,bureau 
of ,labor ,statistics of the ,department
 of ,labor1 for the period beginning on 
the date of enactment of this ,act and  
ending on the date of proposed          
implementation of such increase to the  
cap4  7#c7 ,venue for challenge ,any    
action brought to challenge any         

provision in this subsection1 or any    
decision of the ,bureau made pursuant to
 this subsection1 shall be filed in the 
,united ,states ,district ,court for the
 ,district of ,columbia4  7#d7          
,rulemaking ,the ,bureau shall          
promulgate any rules under this         
subsection in accordance with section   
#eec of title #e1 ,united ,states ,code1
 and prior to the notice and comment    
period1 the ,bureau shall publicly      
release the research used to inform and 
develop the proposed rule4  4