What does Preamble of S 3660 do?

This bill aims to amend the Truth in Lending Act The goal is to reduce excessive credit card late fees The bill was introduced to the Senate and referred to a committee

What does SHORT TITLE. of S 3660 do?

This Act has a short title The short title is defined in this section

What does PURPOSE. of S 3660 do?

This section states the purpose of the Act The Act aims to codify the late fees rule The rule limits late fees to a reasonable amount The amount is proportional to credit card issuers' costs The rule is based on the Consumer Financial Protection Bureau's authority

What does REASONABLE CREDIT CARD LATE FEES. of S 3660 do?

Amends Section 149 of the Truth in Lending Act Requires consideration of costs incurred by creditor from omission or violation Adds a cap on credit card late fees for large credit card issuers Limits late fees to $8, unless updated by the Bureau Specifies venue for challenges to provisions or Bureau decisions

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Credit Card Fairness Act — S. 3660

Last updated: 1/15/2026 · Introduced: 1/15/2026

Author: John Fetterman (D-PA)

TL;DR (AI)

This bill amends the Truth in Lending Act to regulate credit card late fees.
It caps late fees for large credit card issuers at $8, unless adjusted by the Consumer Financial Protection Bureau.
The bill requires credit card issuers to base late fees on the actual costs incurred due to missed payments or violations.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 2 more.

4 sections

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