3.0.0 5199 2023-01-11T13:20:14Z 2023-01-11T13:20:14Z House H HR 2010-05-04 111 hsba00 Financial Services Committee House Standing Referred to 2010-05-04T16:30:48Z 2010-05-04 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2010-05-04 Introduced in House IntroReferral Intro-H 9 Library of Congress 2010-05-04 Introduced in House IntroReferral 1000 9 Library of Congress W000800 Rep. Welch, Peter [D-VT-At Large] Peter Welch D VT N Finance and Financial Sector Administrative law and regulatory procedures Banking and financial institutions regulation Consumer credit Federal Reserve System Financial services and investments User charges and fees Finance and Financial Sector 00 2010-05-04 Introduced in House 2010-06-09T20:34:03Z Electronic Check Parity Act of 2010 - Finds electronic debit transactions serve as a functional replacement for check transactions. Grants the Board of Governors of the Federal Reserve System authority to promulgate rules regarding any interchange transaction fee charged with respect to an electronic debit transaction. Permits the Board to exempt from such rules any financial institutions, including those regulated by the National Credit Union Administration (NCUA), that, together with affiliates, have assets of less than $1 billion.

Amends the Truth in Lending Act to prohibit a credit card network from inhibiting the ability of any person to: (1) set a minimum or maximum dollar value for such person's acceptance of any form of payment; or (2) offer a discount, benefit, or anything else of value to customers in order to create an incentive for them to pay such person using a form of payment that carries lower transaction fees or costs (limitation on credit card network restrictions).

Defines "credit card network"' as an entity that directly, or through licensed members, processors, or agents, provides the proprietary services, infrastructure, and software that route information and data to facilitate transaction authorization, clearance, and settlement that a person must access in order to accept a specific brand of general-purpose credit card as payment for goods or services.

]]> Electronic Check Parity Act of 2010 Display Title Electronic Check Parity Act of 2010 Official Title as Introduced To authorize the Board of Governors of the Federal Reserve System to promulgate regulations regarding interchange transaction fees and to amend the Truth in Lending Act to prohibit certain restrictions put in place by credit card networks. Introduced in House IH Short Titles as Introduced Electronic Check Parity Act of 2010 Introduced in House 2010-05-04T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111hr5199ih/xml/BILLS-111hr5199ih.xml 2010-05-04 Referred to the House Committee on Financial Services. 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.