US SB3660

Caps credit card late fees at $8 for large credit card issuers (those with 1,000,000 or more open accounts in the preceding calendar year)

Amends Section 149 of the Truth in Lending Act to require that penalty fees be based only on the cost incurred by the creditor from the payment violation

Authorizes the Consumer Financial Protection Bureau to increase the $8 cap only by the rate of change in the Consumer Price Index for All Urban Consumers

Requires all legal challenges to these provisions be filed exclusively in the U.S. District Court for the District of Columbia

Mandates the CFPB publicly release research used to develop any proposed rules before the notice and comment period