I 112th CONGRESS 1st Session H. R. 3156 IN THE HOUSE OF REPRESENTATIVES October 12, 2011 Mr. Chaffetz (for himself and Mr. Owens) introduced the following bill; which was referred to the Committee on Financial Services A BILL To repeal the debit card interchange price control provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act and restore balance to the electronic payments system, and for other purposes.

1.

Short title

This Act may be cited as the Consumer Debit Card Protection Act.

2.

Repeal of Federal controls on debit card interchange fees

(a)

Repeal

Effective as of the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111–203), section 1075 of that Act is repealed, and the provisions of law amended by such section are revived or restored as if such section had not been enacted. (b)

Rulemakings Voided

Any regulation or information collection proposed or prescribed by the Board of Governors of the Federal Reserve System pursuant to section 920 of the Electronic Fund Transfer Act (as added by title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act) is void and shall be withdrawn by the Board and shall have no force or effect.

3.

Statutory corrections

(a)

Electronic fund transfer act

The Electronic Fund Transfer Act (15 U.S.C. 1693 et seq.) is amended— (1)in section 904— (A)subsection (a)— (i)by amending paragraph (2) to read as follows: (2)

Authority of the board

The Board shall have sole authority to prescribe rules to carry out the purposes of this title with respect to a person described in section 1029(a) of the Consumer Financial Protection Act of 2010. In prescribing such regulations, the Board shall— ; (ii)by redesignating the last 4 paragraphs (designated as paragraphs (1) through (4)) as subparagraphs (A) through (B), respectively; (iii)in subparagraph (C) (as so redesignated), by striking the Board; and (iv)in subparagraph (D) (as so redesignated)— (I)by striking any and inserting send any; (II)by striking shall be sent; and (III)by striking by the Board; and (B)in subsection (e), by striking to— and all that follows and inserting to the Bureau in making determinations regarding the meaning or interpretation of any provision of this title for which the Bureau has authority to prescribe regulations.; and (2)in section 918(a)— (A)in paragraph (3), by striking the period and inserting ; and; (B)in paragraph (4), by striking ; and and inserting a period; and (C)by striking paragraph (5). (b)

Consumer financial protection act of 2010

Section 1002(12)(C) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5481(12)(C)) is amended by striking , except with respect to section 920 of that Act. (c)

Rule of construction

The amendments made by subsections (a) and (b) shall not be construed as limiting or expanding any authority granted to the Bureau of Consumer Financial Protection under the Consumer Financial Protection Act of 2010. Nothing in this Act or the amendment made by this Act shall be construed as granting such Bureau the authority to regulate debit card or credit card interchange transaction fees.