Washington, DC – Yesterday, the House Financial Services Committee advanced Congressman Barr’s Congressional Review Act (CRA) to nullify the Consumer Financial Protection Bureau’s (CFPB) credit card late fee rule. This rule would cripple hardworking Americans’ ability to access financial services and products.
"This CRA sends a strong rebuke to the CFPB's overreach in its latest ill-conceived rule on credit card late fees,” said Congressman Barr. “In an effort to push a political agenda ahead of the presidential election, the CFPB will harm the very individuals it is tasked to protect by increasing the cost of credit, decreasing the availability of financial products and services, and penalizing consumers who pay their credit card payments on time. Ultimately, this rule will stifle Americans’ economic mobility and prosperity by incentivizing them to take on additional debt, which will lower their credit score, resulting in the reduced possibility of achieving the goal of homeownership, financing a vehicle, or accessing credit for other needs. The Biden administration has shown time and again that they believe debts do not need to be repaid. This CRA will nullify a rule that will result in nothing but bad outcomes for consumers. I look forward to working with Senator Scott to ensure this bill advances through both chambers and is sent to President Biden’s desk.”
Watch Congressman Barr’s remarks in support of his CRA here.