A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to "Credit Card Penalty Fees (Regulation Z)".

Bill 118 SJRes 70 is a joint resolution that aims to disapprove of a rule submitted by the Bureau of Consumer Financial Protection regarding Credit Card Penalty Fees under Regulation Z. The resolution falls under chapter 8 of title 5 of the United States Code, which allows Congress to review and potentially overturn regulations proposed by federal agencies.

The rule in question pertains to the fees that credit card companies can charge consumers for late payments or other violations of their credit card agreements. The Bureau of Consumer Financial Protection submitted this rule for approval, but Congress is now considering disapproving of it.

If Bill 118 SJRes 70 is passed, it would mean that Congress does not support the rule proposed by the Bureau of Consumer Financial Protection. This could have significant implications for how credit card companies are allowed to charge penalty fees to consumers in the future. Overall, this resolution is an important piece of legislation that highlights the role of Congress in overseeing and potentially overturning regulations that impact consumers and the financial industry.