3.0.0 4084 2022-03-02T05:33:29Z 2022-03-02T05:33:29Z House H HR 2012-02-17 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. TIERNEY:H.R. 4084.Congress has the power to enact this legislation pursuantto the following:Article I, section 8 of the United States Constitution.[Page H944]]]> hsba00 Financial Services Committee House Standing hsba15 Consumer Protection and Financial Institutions Subcommittee Referred to 2012-02-23T21:32:46Z Referred to 2012-02-17T14:00:45Z hsru00 Rules Committee House Standing Referred to 2012-02-17T14:00:50Z 2012-02-23 hsba15 Consumer Protection and Financial Institutions Subcommittee 1 House committee actions Referred to the Subcommittee on Financial Institutions and Consumer Credit. Committee 2012-02-17 Referred to the Committee on Financial Services, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsru00 Rules Committee 2012-02-17 Referred to the Committee on Financial Services, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2012-02-17 Introduced in House IntroReferral Intro-H 9 Library of Congress 2012-02-17 Introduced in House IntroReferral 1000 9 Library of Congress T000266 Rep. Tierney, John F. [D-MA-6] JOHN TIERNEY D MA F. 6 N S000480 Rep. Slaughter, Louise McIntosh [D-NY-28] LOUISE SLAUGHTER D NY M. 28 2012-02-17 True D000191 Rep. DeFazio, Peter A. [D-OR-4] PETER DEFAZIO D OR A. 4 2012-02-17 True M000725 Rep. Miller, George [D-CA-7] GEORGE MILLER D CA 7 2012-02-17 True M000312 Rep. McGovern, James P. [D-MA-3] JAMES MCGOVERN D MA P. 3 2012-02-17 True J000283 Rep. Jackson, Jesse L., Jr. [D-IL-2] JESSE JACKSON D IL L. 2 2012-02-17 True V000108 Rep. Visclosky, Peter J. [D-IN-1] PETER VISCLOSKY D IN J. 1 2012-02-17 True K000336 Rep. Kucinich, Dennis J. [D-OH-10] DENNIS KUCINICH D OH J. 10 2012-02-17 True W000800 Rep. Welch, Peter [D-VT-At Large] Peter Welch D VT 0 2012-02-17 True K000009 Rep. Kaptur, Marcy [D-OH-9] MARCY KAPTUR D OH 9 2012-02-17 True S001145 Rep. Schakowsky, Janice D. [D-IL-9] JANICE SCHAKOWSKY D IL D. 9 2012-02-17 True H001042 Rep. Hirono, Mazie K. [D-HI-2] Mazie Hirono D HI K. 2 2012-02-17 True G000551 Rep. Grijalva, Raúl M. [D-AZ-7] Raúl Grijalva D AZ M. 7 2012-02-17 True H001034 Rep. Honda, Michael M. [D-CA-15] MICHAEL HONDA D CA M. 15 2012-03-07 False C001037 Rep. Capuano, Michael E. [D-MA-8] MICHAEL CAPUANO D MA E. 8 2012-09-12 False Finance and Financial Sector Administrative law and regulatory procedures Consumer affairs Consumer credit Economic performance and conditions Federal Reserve System Interest, dividends, interest rates User charges and fees Finance and Financial Sector 00 2012-02-17 Introduced in House 2012-04-13T18:41:29Z Restoring America's Commitment to Consumers Act of 2012 - Amends the Truth in Lending Act to prohibit the annual percentage rate (APR) applicable to an extension of credit on a credit card account under an open end consumer credit plan from exceeding 16%.

Includes in an APR any compensation fee (including a membership fee or an annual fee) for: (1) opening or maintaining the account; (2) granting an extension of credit; or (3) making available a line of credit.

Authorizes the Board of Governors of the Federal Reserve System (Board) to make adjustments to the maximum APR limitation; but creates the presumption that any increase by the Board to the maximum limitation is not in the public interest unless severe economic conditions justify the increase.

Prohibits construction of this Act as an endorsement by Congress of a 16% APR.

Declares the intention of Congress that: (1) such maximum APR limitation should merely serve as a ceiling on consumer credit cards and few, if any, consumer credit card accounts would ever bear the maximum rate; and (2) consumer credit card issuers should strive to maintain APRs most advantageous to borrowers.

Treats as an unfair or deceptive act or practice a credit card account which, as of February 8, 2012, bears an APR that is less than 16%, and subsequently increases it between February 8, 2012, and 60 days after enactment of this Act.

Imposes a $15 cap upon certain credit card account fees, including fees (such as late fees, overdraft fees, or over-the-limit transaction fees) for borrower default or breach of any condition upon which credit was extended.

]]> Restoring America's Commitment to Consumers Act of 2012 Short Titles as Introduced Restoring America's Commitment to Consumers Act of 2012 Display Title Restoring America's Commitment to Consumers Act of 2012 Official Title as Introduced To amend the Truth in Lending Act to establish a national usury rate for consumer credit card accounts under open end consumer credit plans, and for other purposes. Introduced in House 2012-02-17T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr4084ih/xml/BILLS-112hr4084ih.xml 2012-02-23 Referred to the Subcommittee on Financial Institutions and Consumer Credit. 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.