[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3639 Reported in House (RH)]

                                                 Union Calendar No. 180
111th CONGRESS
  1st Session
                                H. R. 3639

                          [Report No. 111-314]

 To amend the Credit Card Accountability Responsibility and Disclosure 
Act of 2009 to establish an earlier effective date for various consumer 
                  protections, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 24, 2009

Mrs. Maloney (for herself, Mr. Frank of Massachusetts, Ms. Schakowsky, 
   Ms. Sutton, Mr. Capuano, Ms. Hirono, Mr. Tierney, and Mr. Levin) 
 introduced the following bill; which was referred to the Committee on 
                           Financial Services

                            October 26, 2009

 Additional sponsors: Mr. George Miller of California, Mrs. Lowey, Mr. 
  Kanjorski, Mr. Cummings, Mr. Ellison, Mr. Maffei, Mr. Ackerman, Ms. 
 Pingree of Maine, Ms. Lee of California, Ms. Markey of Colorado, Ms. 
 Fudge, Ms. Titus, Mr. Hodes, Mr. Baca, Mr. Sherman, Mr. Kissell, Mr. 
Hall of New York, Ms. Zoe Lofgren of California, Mr. Grijalva, Ms. Chu, 
  Ms. Matsui, Mr. McGovern, Mr. Waxman, Mr. Langevin, Mr. Olver, Ms. 
 Kilroy, Mr. Rothman of New Jersey, Mr. Meek of Florida, Mr. Nadler of 
  New York, Mr. Patrick J. Murphy of Pennsylvania, and Mr. Markey of 
                             Massachusetts

                            October 26, 2009

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]





_______________________________________________________________________

                                 A BILL


 
 To amend the Credit Card Accountability Responsibility and Disclosure 
Act of 2009 to establish an earlier effective date for various consumer 
                  protections, and for other purposes.


 


    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

<DELETED>SECTION 1. SHORT TITLE.</DELETED>

<DELETED>    This Act may be cited as the ``Expedited CARD Reform for 
Consumers Act of 2009''.</DELETED>

<DELETED>SEC. 2. EARLIER EFFECTIVE DATE FOR THE CREDIT CARD ACT OF 
              2009, GENERALLY.</DELETED>

<DELETED>    Section 3 of the Credit Card Accountability Responsibility 
and Disclosure Act of 2009 is amended by striking ``become effective 9 
months after the date of enactment of this Act,'' and inserting ``take 
effect on December 1, 2009,''.</DELETED>

<DELETED>SEC. 3. EARLIER EFFECTIVE DATES FOR SPECIFIC PROVISIONS TO 
              PREVENT FURTHER ABUSES.</DELETED>

<DELETED>    (a) Review of Past Consumer Interest Rate Increases.--
Section 148(d) of the Truth in Lending Act (15 U.S.C. 1665c(d)) (as 
added by section 101(c) of the Credit Card Accountability 
Responsibility and Disclosure Act of 2009) is amended--</DELETED>
        <DELETED>    (1) by striking ``9 months after the date of 
        enactment of this section,'' and inserting ``December 1, 
        2009,''; and</DELETED>
        <DELETED>    (2) by striking ``become effective 15 months after 
        that date of enactment'' and inserting ``take effect on 
        December 1, 2009''.</DELETED>
<DELETED>    (b) Requirement That Penalty Fees Be Reasonable and 
Proportional to the Violation.--Section 149(b) of the Truth in Lending 
Act (15 U.S.C. 1665d(b)) (as added by section 102(b) of the Credit Card 
Accountability Responsibility and Disclosure Act of 2009) is amended--
</DELETED>
        <DELETED>    (1) by striking ``9 months after the date of 
        enactment of this section'' and inserting ``December 1, 
        2009,''; and</DELETED>
        <DELETED>    (2) by striking ``become effective 15 months after 
        that date of enactment'' and inserting ``take effect on 
        December 1, 2009''.</DELETED>
<DELETED>    (c) Gift Card Protections for Consumers.--</DELETED>
        <DELETED>    (1) In general.--Section 403 of the Credit Card 
        Accountability Responsibility and Disclosure Act of 2009 is 
        amended by striking ``become effective 15 months after the date 
        of enactment of this Act,'' and inserting ``take effect on 
        December 1, 2009,''.</DELETED>
        <DELETED>    (2) Regulations.--Section 915(d)(3) of the 
        Electronic Fund Transfer Act (15 U.S.C. 1693l-1(d)(3)) (as 
        added by section 401(2) of the Credit Card Accountability 
        Responsibility and Disclosure Act of 2009) is amended by 
        striking ``9 months after the date of enactment of the Credit 
        CARD Act of 2009'' and inserting ``December 1, 
        2009''.</DELETED>

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Expedited CARD Reform for Consumers 
Act of 2009''.

SEC. 2. EARLIER EFFECTIVE DATE FOR THE CREDIT CARD ACT OF 2009, 
              GENERALLY.

    Section 3 of the Credit Card Accountability Responsibility and 
Disclosure Act of 2009 is amended by striking ``become effective 9 
months after the date of enactment of this Act,'' and inserting ``take 
effect on December 1, 2009, except that for a depository institution, 
as defined in section 19(b)(1)(A) of the Federal Reserve Act (12 U.S.C. 
461(b)(1)(A)), with fewer than 2 million credit cards in circulation on 
the date of the enactment of the Expedited CARD Reform for Consumers 
Act of 2009, the effective date shall be February 22, 2010,''.

SEC. 3. EARLIER EFFECTIVE DATES FOR SPECIFIC PROVISIONS TO PREVENT 
              FURTHER ABUSES.

    (a) Review of Past Consumer Interest Rate Increases.--Section 
148(d) of the Truth in Lending Act (15 U.S.C. 1665c(d)) (as added by 
section 101(c) of the Credit Card Accountability Responsibility and 
Disclosure Act of 2009) is amended--
            (1) by striking ``9 months after the date of enactment of 
        this section'' and inserting ``December 1, 2009, except that 
        for a depository institution, as defined in section 19(b)(1)(A) 
        of the Federal Reserve Act (12 U.S.C. 461(b)(1)(A)), with fewer 
        than 2 million credit cards in circulation on the date of the 
        enactment of the Expedited CARD Reform for Consumers Act of 
        2009, the effective date shall be February 22, 2010,''; and
            (2) by striking ``become effective 15 months after that 
        date of enactment'' and inserting ``take effect on December 1, 
        2009, except that for a depository institution, as defined in 
        section 19(b)(1)(A) of the Federal Reserve Act (12 U.S.C. 
        461(b)(1)(A)), with fewer than 2 million credit cards in 
        circulation on the date of the enactment of the Expedited CARD 
        Reform for Consumers Act of 2009, the effective date shall be 
        August 22, 2010''.
    (b) Requirement That Penalty Fees Be Reasonable and Proportional to 
the Violation.--Section 149(b) of the Truth in Lending Act (15 U.S.C. 
1665d(b)) (as added by section 102(b) of the Credit Card Accountability 
Responsibility and Disclosure Act of 2009) is amended--
            (1) by striking ``9 months after the date of enactment of 
        this section,'' and inserting ``December 1, 2009, except that 
        for a depository institution, as defined in section 19(b)(1)(A) 
        of the Federal Reserve Act (12 U.S.C. 461(b)(1)(A)), with fewer 
        than 2 million credit cards in circulation on the date of the 
        enactment of the Expedited CARD Reform for Consumers Act of 
        2009, the effective date shall be February 22, 2010,''; and
            (2) by striking ``become effective 15 months after the date 
        of enactment of the section'' and inserting ``take effect on 
        December 1, 2009, except that for a depository institution, as 
        defined in section 19(b)(1)(A) of the Federal Reserve Act (12 
        U.S.C. 461(b)(1)(A)), with fewer than 2 million credit cards in 
        circulation on the date of the enactment of the Expedited CARD 
        Reform for Consumers Act of 2009, the effective date shall be 
        August 22, 2010''.
                                                 Union Calendar No. 180

111th CONGRESS

  1st Session

                               H. R. 3639

                          [Report No. 111-314]

_______________________________________________________________________

                                 A BILL

 To amend the Credit Card Accountability Responsibility and Disclosure 
Act of 2009 to establish an earlier effective date for various consumer 
                  protections, and for other purposes.

_______________________________________________________________________

                            October 26, 2009

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed