3.0.0 3252 2017-12-15T00:31:35Z 2017-12-15T00:31:35Z Senate S S 2008-07-10 110 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2008-07-10T23:23:10Z 2008-07-10 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S6574-6579) IntroReferral 2008-07-10 Sponsor introductory remarks on measure. (CR S6572-6574) IntroReferral B00100 9 Library of Congress 2008-07-10 Introduced in Senate IntroReferral 10000 9 Library of Congress D000388 Sen. Dodd, Christopher J. [D-CT] CHRISTOPHER DODD D CT JOHN N L000261 Sen. Levin, Carl [D-MI] CARL LEVIN D MI MILTON 2008-07-10 True M000639 Sen. Menendez, Robert [D-NJ] Robert Menendez D NJ 2008-07-10 True R000122 Sen. Reed, Jack [D-RI] John Reed D RI F. 2008-07-10 True T000464 Sen. Tester, Jon [D-MT] Jon Tester D MT 2008-07-10 True M001170 Sen. McCaskill, Claire [D-MO] Claire McCaskill D MO 2008-07-10 True A000069 Sen. Akaka, Daniel K. [D-HI] DANIEL AKAKA D HI KOHIKINA 2008-07-10 True C001070 Sen. Casey, Robert P., Jr. [D-PA] Bob Casey D PA 2008-07-10 True O000167 Sen. Obama, Barack [D-IL] Barack Obama D IL 2008-07-10 True K000148 Sen. Kerry, John F. [D-MA] JOHN KERRY D MA FORBES 2008-07-10 True C001041 Sen. Clinton, Hillary Rodham [D-NY] HILLARY CLINTON D NY R 2008-07-10 True S000033 Sen. Sanders, Bernard [I-VT] Bernard Sanders I VT 2008-07-10 True W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2008-07-10 True D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2008-07-22 False L000174 Sen. Leahy, Patrick J. [D-VT] Patrick Leahy D VT 2008-09-08 False B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2008-09-09 False H000206 Sen. Harkin, Tom [D-IA] THOMAS HARKIN D IA RICHARD 2008-10-02 False Finance and Financial Sector Administrative procedure Commerce Congressional agencies Congressional investigations Consumer credit Consumer education Credit cards Debtor and creditor Education Elementary and secondary education Families Federal Trade Commission Fees Fines (Penalties) Government Accountability Office (GAO) Government Operations and Politics Higher education Independent regulatory commissions Interest rates Law National Credit Union Administration Students Youth Finance and Financial Sector 00 2008-07-10 Introduced in Senate 2008-10-08T18:19:47Z Credit Card Accountability Responsibility and Disclosure Act of 2008, or the Credit CARD Act of 2008 - Amends the Truth in Lending Act to require advance notice of any increase in the annual percentage rate of interest (APR) pertaining to a credit card account under an open end consumer credit plan.

Imposes a freeze on interest rate terms and fees on canceled cards.

Sets limits on fees and interest charges, including a prohibition against penalties for on-time payments.

Prohibits a creditor from furnishing information to a consumer reporting agency concerning a newly opened credit card account until the credit card has been used or activated by the consumer.

Revises requirements for prompt and fair crediting of card payments.

Prohibits universal default (except in certain circumstances) and unilateral changes to cardholder agreements.

Increases the civil penalty against any creditor who fails to comply with specified requirements in the case of an individual action relating to an open end credit plan that is not secured by real property or a dwelling.

Prescribes procedures for specified federal regulatory agencies to evaluate credit card issuers for compliance with this Act.

Revises: (1) payoff and repayment timing disclosure requirements; and (2) requirements relating to late payment deadlines and penalties.

Prohibits issuance of: (1) a credit card on behalf of a consumer under age 21, unless the consumer has submitted a written application meeting specified requirements; and (2) certain affinity cards to students unless certain requirements have been met.

Amends the Fair Credit Reporting Act to allow underage consumers to elect to be included in certain listings compiled by a consumer reporting agency.

Amends the Federal Trade Commission Act to require all federal banking agencies and the Federal Trade Commission (FTC) to coordinate rulemaking and regulations.

Directs the Comptroller General to study and report to certain congressional committees on: (1) the status of regulations of the federal banking agencies and the National Credit Union Administration (NCUA) regarding unfair and deceptive acts or practices by depository institutions and federal credit unions; and (2) the extent to which interchange fees are required to be disclosed to consumers and merchants, and how such fees are overseen by the federal banking agencies.

Directs the Comptroller General to establish the Credit Card Safety Rating System Commission.

]]> Credit Card Accountability Responsibility and Disclosure Act of 2008 Short Titles as Introduced Credit Card Accountability Responsibility and Disclosure Act of 2008 Short Titles as Introduced Credit CARD Act of 2008 Display Title Credit Card Accountability Responsibility and Disclosure Act of 2008 Official Title as Introduced A bill to amend the Consumer Credit Protection Act, to ban abusive credit practices, enhance consumer disclosures, protect underage consumers, and for other purposes. Introduced in Senate 2008-07-10T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s3252is/xml/BILLS-110s3252is.xml 2008-07-10 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S6574-6579) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.