House Financial Services Committee passes resolutions nullifying climate disclosure and credit card late fee rules

The House Financial Services Committee advanced two ICBA-supported Congressional Review Act resolutions, to the full House for consideration. H.J. Res. 127 and H.J. Res. 122, both passed by a 28-22 vote along party lines.

Background: H.J. Res. 122 seeks to nullify the Consumer Financial Protection Bureau's final rule to cut credit card late fees, which ICBA has argued could lead to increased late payments and additional interest charges for consumers. H.J. Res. 127 opposes the Securities and Exchange Commission's mandate for climate disclosures by publicly held banks. In its 2022 comment letter, ICBA said the rule would drive many SEC-registered community banks away from the public capital markets.

Senate resolution introduced: A Congressional Review Act resolution disapproving of the SEC climate disclosure rule was introduced in the Senate Wednesday by Banking Committee Ranking Member Tim Scott (R-S.C.), with the support of 34 senators, including Sen. Joe Manchin (D-W.Va).