[Congressional Record Volume 155, Number 65 (Thursday, April 30, 2009)]
[Daily Digest]
[Pages D480-D482]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




[[Page D480]]




                        House of Representatives


Chamber Action
Public Bills and Resolutions Introduced: 42 public bills, H.R. 2183-
2224; 1 private bill, H.R. 2225; and 18 resolutions, H.J. Res. 46-48; 
H. Con. Res. 115-116; and H. Res. 381-393, were introduced. 
                                                         Pages H5060-62
Additional Cosponsors:                                   
  Pages H5062-64
Reports Filed: There were no reports filed today.
Speaker: Read a letter from the Speaker wherein she appointed 
Representative Tauscher to act as Speaker pro tempore for today. 
                                                             Page H5001
Committee Elections: The House agreed to H. Res. 381, electing the 
following Members to certain standing committees of the House of 
Representatives: Committee on Agriculture: Representative Murphy (NY) 
(to rank immediately after Representative Boccieri). Committee on Armed 
Services: Representatives Murphy (NY) and Boren. Committee on the 
Judiciary: Representative Quigley (to rank immediately after 
Representative Pierluisi). Committee on Oversight and Government 
Reform: Representative Quigley (to rank immediately after 
Representative Connolly (VA)) and Representative Kaptur (to rank 
immediately after Representative Quigley).                   
  Page H5012
Credit Cardholders' Bill of Rights Act of 2009: The House passed H.R. 
627, to amend the Truth in Lending Act to establish fair and 
transparent practices relating to the extension of credit under an open 
end consumer credit plan, by a recorded vote of 357 ayes to 70 noes, 
Roll No. 228. Consideration of the measure began on Wednesday, April 
29th.                                                    
  Pages H5013-41
  Rejected the Roskam motion to recommit the bill to the Committee on 
Financial Services with instructions to report the same back to the 
House forthwith with instructions, by a recorded vote of 164 ayes to 
263 noes, Roll No. 227.                                  
Pages H5039-41
  Pursuant to the rule, the amendment in the nature of a substitute 
recommended by the Committee on Financial Services now printed in the 
bill shall be considered as an original bill for the purpose of 
amendment under the five-minute rule.                        
Page H5013
Agreed to:
  Gutierrez amendment (No. 1 printed in H. Rept. 111-92) that allows 
issuers to charge consumers for expedited payments by telephone when 
consumers request such an expedited payment, and makes technical 
corrections; requires that all credit card offers notify prospective 
applicants that excessive credit applications can adversely affect 
their credit rating; directs the Board of Governors of the Federal 
Reserve to suggest appropriate guidelines for creditors to supply 
cardholders with information regarding the availability of legitimate 
and accredited credit counseling services; requires all written 
information, provisions, and terms in or on any application, 
solicitation, contract, or agreement for any credit card account under 
an open end consumer credit to appear in no less than 12 point font; 
and requires that stores who are self-issuers of credit cards display a 
large visible sign at counters with the same information that is 
required to be disclosed on the application itself;      
Pages H5016-18
  Frank (MA) amendment (No. 2 printed in H. Rept. 111-92) that requires 
the Federal Reserve 1) to review the consumer credit card market, 
including through solicitation of public comment, and report to 
Congress every two years; 2) publish a summary of this review in the 
Federal Register, along with proposed regulatory changes (or an 
explanation for why no such changes are proposed). The amendment also 
requires the Federal banking agencies and the FTC to submit to the 
Federal Reserve, for inclusion in the Federal Reserve's annual report 
to Congress, information about the agencies' supervisory and 
enforcement activities related to credit card issuers' compliance with 
consumer protection laws;                                
Pages H5018-19
  Gutierrez amendment (No. 4 printed in H. Rept. 111-92) that requires 
credit card issuers to allocate payments in excess of the minimum 
payment to the portion of the remaining balance with the highest 
outstanding APR first, and then to any remaining balances in descending 
order, eliminating the pro rata option;                  
Pages H5021-22
  Pingree amendment (No. 5 printed in H. Rept. 111-92) that requires 
the Chair of the Federal Reserve to submit a report on the level of 
implementation of this bill every 90 days until the Chair can report 
full industry implementation;                            
Pages H5022-23
  Polis amendment (No. 6 printed in H. Rept. 111-92) that clarifies 
that minors are allowed to have a credit card in their name on their 
parent or legal guardian's account;                          
Page H5023
  Jones (NC) amendment (No. 7 printed in H. Rept. 111-92) that requires 
the Federal Reserve Board, in consultation with the Federal Trade 
Commission and other agencies, to establish regulations that would 
allow estate administrators to resolve outstanding credit balances in a 
timely manner;                                           
Pages H5023-25

[[Page D481]]


  Minnick amendment (No. 11 printed in H. Rept. 111-92) that provides 
that the amount of a balance as of the 7-day mark, instead of the 14-
day mark, following a notice of a rate increase would be protected from 
the rate increase;                                           
Page H5029
  Price (NC) amendment (No. 12 printed in H. Rept. 111-92) that 
requires credit card issuers to provide enhanced disclosure to 
consumers regarding minimum payments, including a written Minimum 
Payment Warning statement on all monthly statements as well as 
information regarding the monthly payment amount and total cost that 
would be required for the consumer to eliminate the outstanding balance 
in 12, 24 and 36. Requires credit card issuers to provide a toll-free 
telephone number at which the consumer may receive information about 
accessing credit counseling and debt management services; 
                                                         Pages H5029-31
  Gutierrez amendment (No. 13 printed in H. Rept. 111-92) that requires 
card issuers to notify cardholders 30 days before closing their 
accounts, the reason for the account closure, options to keep the 
account open, programs available to repay the balance, and the 
resulting impact on their credit score;                  
Pages H5031-33
  Perriello amendment (No. 14 printed in H. Rept. 111-92) that requires 
a 6-month period for a promotional rate for credit cards before the 
standard rate may be increased;                          
Pages H5033-34
  Schauer amendment (No. 15 printed in H. Rept. 111-92) that requires 
creditors to post their credit card written agreements on their 
websites, and requires the Board to compile and report those agreements 
on its website;                                          
Pages H5034-35
  Teague amendment (No. 16 printed in H. Rept. 111-92) that restricts 
credit card issuers from making adverse reports to credit rating 
agencies regarding deployed military service members and disabled 
veterans during the first two years of their disability; 
                                                         Pages H5035-36
  Schock amendment (No. 17 printed in H. Rept. 111-92) that allows 
consumers who have not activated an issued credit card within 45 days 
to contact the issuing institution to cancel the card and have it 
removed from their credit report entirely. If after 45 days the card 
has not been activated it is automatically removed from any such 
report;                                                  
Pages H5036-37
  Slaughter amendment (No. 3 printed in H. Rept. 111-92) that sets 
underwriting standards for students' credit cards, including limiting 
credit lines to the greater of 20 percent of a student's annual income 
or $500, without a co-signer and requiring creditors to obtain a proof 
of income, income history, and credit history from college students 
before approving credit applications (by a recorded vote of 276 ayes to 
154 noes, Roll No. 225); and                   
Pages H5019-21, H5037-38
  Maloney amendment (No. 8 printed in H. Rept. 111-92) that requires 
credit cardholders to opt-into receiving over-the-limit protection on 
their credit card in order for a credit card company to charge an over-
the-limit fee. Allows for transactions that go over the limit to be 
completed for operational reasons as long as they are of a de minimis 
amount, but the credit card company is not allowed to charge a fee (by 
a recorded vote of 284 ayes to 149 noes, Roll No. 226). 
                                               Pages H5025-26, H5038-39
Rejected:
  Hensarling amendment (No. 9 printed in H. Rept. 111-92) that would 
have allowed issuers to raise rates on existing balances if they 
provided consumers clear notification 90 days in advance, provided that 
the issuer has previously specified this ability to consumers in their 
contract and at least once every year thereafter and     
Pages H5026-27
  Hensarling amendment (No. 10 printed in H. Rept. 111-92) that would 
have allowed creditors to use retroactive rate increases, universal 
default, and ``double cycle billing'' practices as long as they offer 
at least one card option that does not have those billing features to 
all of their existing customers.                         
Pages H5027-29
  Agreed that the Clerk be authorized to make technical and conforming 
changes to reflect the actions of the House.             
Pages H5043-44
  H. Res. 379, the rule providing for further consideration of the 
bill, was agreed to by a yea-and-nay vote of 249 yeas to 175 nays, Roll 
No. 224, after agreeing to order the previous question without 
objection.                                     
Pages H5003-12, H5012-13
Commission to Study the Potential Creation of a National Museum of the 
American Latino--Appointment: Read a letter from Representative 
Boehner, Minority Leader, in which he appointed Mr. Nelson Albareda of 
Miami, Florida to the Commission to Study the Potential Creation of a 
National Museum of the American Latino.                  
  Pages H5041-12
Meeting Hour: Agreed that when the House adjourns today, it adjourn to 
meet at 12:30 p.m. on Monday, May 4th for morning hour debate. 
                                                             Page H5043
Quorum Calls--Votes: One yea-and-nay vote and four recorded votes 
developed during the proceedings of today and appear on pages H5012-13, 
H5037-38, H5038-39, H5040-41, amd H5041. There were no quorum calls.
Adjournment: The House met at 10 a.m. and adjourned at 6:05 p.m.

[[Page D482]]