Bills · S 3660
IN COMMITTEE· 119TH CONGRESS
Senate BillS 3660Finance and Financial Sector
Credit Card Fairness Act
INTRO JAN 15· LAST ACTION JAN 15
READING
3MIN
COSPONSORS
5
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed Senate
Passed House
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenVoters should care about this bill because it directly impacts the cost of using credit cards, particularly for unexpected fees. Currently, many credit card companies charge late fees that can be as high as $41, and this bill aims to dramatically reduce that to $8 for large issuers. This could save consumers billions of dollars collectively each year, making credit card use more affordable and protecting consumers from what some view as excessive penalties. If the bill doesn't pass, credit card companies would likely continue to charge higher late fees, and a recent rule by the Consumer Financial Protection Bureau capping these fees could be more easily challenged or overturned in court. By codifying this limit into law, it provides more stability and certainty for consumer protections.
KEY PROVISIONS
5AI-extractedPROVISION 01
Sets a maximum late fee of $8 for "large credit card issuers" (those with 1 million or more open accounts).
This directly reduces the financial burden on consumers who pay late.
PROVISION 02
Allows the Consumer Financial Protection Bureau (CFPB) to adjust the $8 cap for inflation using the Consumer Price Index.
This ensures the fee cap remains relevant over time without requiring new legislation.
PROVISION 03
Clarifies that credit card late fees should only reflect the actual cost incurred by the credit card issuer due to the late payment.
This prevents companies from profiting excessively from late fees, aiming for fairness.
PROVISION 04
Requires any legal challenge to the late fee cap to be filed in the United States District Court for the District of Columbia.
This centralizes legal challenges, potentially streamlining the process and reducing venue shopping.
PROVISION 05
Mandates the CFPB to publicly release the research used to develop any proposed late fee rules before the public notice and comment period.
This promotes transparency in the rulemaking process, allowing the public to understand the basis for new regulations.
SPONSORSHIP
1 + 5
D· Pennsylvania
YRS IN OFFICE
3
BILLS LED
28
COSPONSOR BREAKDOWNBIPARTISAN · 0%
DEM 5 REP 0 IND 0
ACTION TIMELINE
2 EVENTSJAN 15
Introduced in Senate
JAN 15
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
BILL INFO
TypeSenate Bill
NumberS 3660
Congress119th
StatusIn Committee
IntroducedJan 15, 2026
Last actionJan 15, 2026
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IN COMMITTEE· 119TH CONGRESS · BANKING, HOUSING, AND URBAN AFFAIRS COMMITTEE · INTRODUCED JAN 15, 2026
Senate BillS 3660Finance and Financial Sector
Credit Card Fairness Act
INTRODUCED JAN 15, 2026· LAST ACTION JAN 15, 2026
PASSAGE CHANCES
—%
READING
3 min
COSPONSORS
5
COMPLEXITY
Moderate
