Credit Card Fairness Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 3660 Introduced in Senate (IS)] <DOC> 119th CONGRESS 2d Session S. 3660 To amend the Truth in Lending Act to reduce excessive credit card late fees, and for other purposes. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES January 15, 2026 Mr. Fetterman (for himself, Mr. Booker, and Ms. Baldwin) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs _______________________________________________________________________ A BILL To amend the Truth in Lending Act to reduce excessive credit card late fees, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Credit Card Fairness Act''. SEC. 2. PURPOSE. Congress believes the late fees rule of the Consumer Financial Protection Bureau under part 1026 of title 12, Code of Federal Regulations (commonly known as ``Regulation Z''), was appropriately promulgated as an extension of the Bureau's authority, in existence at the time the rule was promulgated, 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 issuers. SEC. 3. REASONABLE CREDIT CARD LATE FEES. Section 149 of the Truth in Lending Act (15 U.S.C. 1665d) is amended-- (1) in subsection (c), by striking ``shall consider'' and all that follows through the period, and inserting ``shall consider the cost incurred by the creditor from such omission or violation.''; and (2) by adding at the end the following: ``(f) Cap on Credit Card Late Fees.-- ``(1) Definitions.--In this subsection: ``(A) Large credit card issuer.--The term `large credit card issuer' means credit card issuer that had 1,000,000