[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 110 Introduced in House (IH)]







104th CONGRESS
  1st Session
H. RES. 110

Affirming the support of the House of Representatives for the American 
                    Consumer Banking Bill of Rights.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 9, 1995

  Mr. Gonzalez (for himself, Mr. LaFalce, Mr. Vento, Mr. Schumer, Mr. 
    Kennedy of Massachusetts, Mr. Flake, Mr. Mfume, Ms. Waters, Mr. 
Sanders, Mrs. Maloney, Mr. Gutierrez, Ms. Roybal-Allard, Mr. Barrett of 
 Wisconsin, Ms. Velazquez, Mr. Wynn, Mr. Fields of Louisiana, Mr. Watt 
    of North Carolina, Mr. Hinchey, and Mr. Ackerman) submitted the 
 following resolution; which was referred to the Committee on Banking 
                         and Financial Services

_______________________________________________________________________

                               RESOLUTION


 
Affirming the support of the House of Representatives for the American 
                    Consumer Banking Bill of Rights.

Whereas efforts are underway in the 104th Congress to reduce and abolish many 
        cherished consumer safeguards and legal protections for American 
        citizens in the daily conduct of their financial affairs;
Whereas such efforts would have a disproportionate and adverse impact on 
        moderate- and middle-income Americans;
Whereas such legal protections, financial rights, and consumer safeguards 
        contained in various Acts of Congress have contributed significantly to 
        the financial certainty and well-being of all Americans;
Whereas the repeal or dilution of such consumer safeguards and legal protections 
        would subject Americans to increased risk of fraud, financial loss, and 
        discrimination; and
Whereas regulations may warrant review for the purpose of streamlining and 
        increasing their efficiency and effectiveness, those regulations that go 
        to the heart of consumer safeguards in financial services warrant 
        protection: Now, therefore, be it
    Resolved, That the House of Representatives affirms its continued 
support for the rights and protections granted and assured to all 
Americans in the conduct of their financial affairs by various Acts of 
Congress, including the following:
            (1) The right to a safe and sound banking system, without 
        fear of additional taxpayer bailouts, including the right of 
        consumers with deposits in federally insured institutions to 
        have their funds safeguarded through competent and sound 
        examination and supervision.
            (2) The right to meaningful, uniform credit-term 
        disclosures, including the right to know, in advance, all of 
        the costs of getting a mortgage, a credit card, or any other 
        type of credit extension or loan, the right to know these costs 
        in simple, uniform terms so that consumers can comparison shop 
        before they take out a loan or purchase credit, and the right 
        to cancel a loan when the important terms have not been 
        properly disclosed and a consumer's home is at risk.
            (3) The right to equal access to credit, including the 
        right to credit extension based on objective criteria relating 
        to a consumer's creditworthiness and without regard to the 
        consumer's race, color, religion, national origin, sex, marital 
        status, or age.
            (4) The right to have banks reinvest and provide essential 
        services in their local neighborhoods.
            (5) The right to expedited access to funds, including the 
        right to the use of income from a local check within 1 business 
        day of deposit.
            (6) The right to fair and accurate savings accounts terms, 
        including the right to earn interest on all of the money in an 
        interest-bearing account, and the right to know the rates and 
        terms of interest on these accounts.
            (7) The right to have an accurate and secure credit 
        history, including the right to have accurate credit reports, 
        and the right to maintain the privacy of sensitive financial 
        information.
            (8) The right to be free of abusive and unfair debt 
        collection practices.
            (9) The right to protection against unauthorized use of 
        credit cards and debit cards, including the right to limited 
        consumer liability of no more than $50 when the loss of or the 
        unauthorized use of any such card is promptly reported to the 
        creditor.
                                 <all>