[Congressional Record Volume 155, Number 72 (Tuesday, May 12, 2009)]
[Senate]
[Pages S5379-S5393]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 1061. Mr. COBURN submitted an amendment intended to be proposed by 
him to the bill 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, and for other purposes; 
which was ordered to lie on the table; as follows:

       At the end of the bill, add the following:

     SEC. __. PUBLIC ACCESS TO GOVERNMENT PURCHASE CARD 
                   INFORMATION.

       (a) In General.--Each executive agency that issues and uses 
     credit cards or purchase cards shall post on its public 
     website, in a searchable format, an itemized list of all 
     charges made to credit cards or purchase cards not less 
     frequently than every 6 months, except that charges directly 
     related to national security, defense, and homeland security 
     may be redacted.
       (b) Definition of Executive Agency.--In this section, the 
     term ``executive agency'' has the same meaning as in section 
     4(1) of the Office of Federal Procurement Policy Act (41 
     U.S.C. 403(1)).
                                 ______
                                 
  SA 1062. Mr. SANDERS (for himself, Mr. Harkin, Mr. Leahy, Mr. 
Whitehouse, Mr. Durbin, and Mr. Levin) submitted an amendment intended 
to be proposed to amendment SA 1058 proposed by Mr. Dodd (for himself 
and Mr. Shelby) to the bill 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, and for other 
purposes; as follows:

       At the appropriate place, insert the following:

     SEC. __. NATIONAL CONSUMER CREDIT USURY RATE.

       (a) In General.--Section 107 of the Truth in Lending Act 
     (15 U.S.C. 1606) is amended by adding at the end the 
     following new subsection:
       ``(f) National Consumer Credit Usury Rate.--
       ``(1) Limitation established.--Notwithstanding subsection 
     (a) or any other provision of law, but except as provided in 
     paragraph (2), the annual percentage rate applicable to an 
     extension of credit obtained by use of a credit card may not 
     exceed 15 percent on unpaid balances, inclusive of all 
     finance charges. Any fees that are not considered finance 
     charges under section 106(a) may not be used to evade the 
     limitations of this paragraph, and the total sum of such fees 
     may not exceed the total amount of finance charges assessed.

[[Page S5380]]

       ``(2) Exceptions.--
       ``(A) Board authority.--The Board may establish, after 
     consultation with the appropriate committees of Congress, the 
     Secretary of the Treasury, and any other interested Federal 
     financial institution regulatory agency, an annual percentage 
     rate of interest ceiling exceeding the 15 percent annual rate 
     under paragraph (1) for periods of not to exceed 18 months, 
     upon a determination that--
       ``(i) money market interest rates have risen over the 
     preceding 6-month period; or
       ``(ii) prevailing interest rate levels threaten the safety 
     and soundness of individual lenders, as evidenced by adverse 
     trends in liquidity, capital, earnings, and growth.
       ``(B) Treatment of credit unions.--The limitation in 
     paragraph (1) does not apply with respect to any extension of 
     credit by an insured credit union, as that term is defined in 
     section 101 of the Federal Credit Union Act (12 U.S.C. 1752).
       ``(3) Penalties for charging higher rates.--
       ``(A) Violation.--The taking, receiving, reserving, or 
     charging of an annual percentage rate or fee greater than 
     that permitted by paragraph (1), when knowingly done, shall 
     be deemed a violation of this title, and a forfeiture of the 
     entire interest which the note, bill, or other evidence of 
     the obligation carries with it, or which has been agreed to 
     be paid thereon.
       ``(B) Refund of interest amounts.--If an annual percentage 
     rate or fee greater than that permitted under paragraph (1) 
     has been paid, the person by whom it has been paid, or the 
     legal representative thereof, may, by bringing an action not 
     later than 2 years after the date on which the usurious 
     collection was last made, recover back from the lender in an 
     action in the nature of an action of debt, the entire amount 
     of interest, finance charges, or fees paid.
       ``(4) Civil liability.--Any creditor who violates this 
     subsection shall be subject to the provisions of section 
     130.''.
       (b) Civil Liability Conforming Amendment.--Section 130(a) 
     of the Truth in Lending Act (15 U.S.C. 1640(a)) is amended by 
     inserting ``section 107(f)'' before ``this chapter''.
                                 ______
                                 
  SA 1063. Mr. WYDEN (for himself and Mr. Merkley) submitted an 
amendment intended to be proposed by him to the bill 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, and for other purposes; which was ordered to lie on the table; as 
follows:

       At the end of the bill, add the following:

               TITLE VI--CREDIT CARD SAFETY STAR PROGRAM

     SEC. 601. SHORT TITLE.

       This title may be cited as the ``Credit Card Safety Star 
     Act of 2009''.

     SEC. 602. FINDINGS.

       Congress finds that--
       (1) competition in the credit card market is severely 
     hindered by a lack of transparency, which results in 
     inefficient consumer choices;
       (2) such lack of transparency is largely due to confusing 
     terms and overwhelming information for consumers;
       (3) the marketplace has not increased competition based on 
     the merits of credit cards;
       (4) a Government rating system that would use market forces 
     by encouraging better transparency would increase such 
     competition and assist consumers in making better credit card 
     choices; and
       (5) such a rating system would not preclude additional 
     regulation or legislation that may eliminate certain 
     practices considered unfair or abusive.

     SEC. 603. TRUTH IN LENDING ACT AMENDMENTS.

       The Truth in Lending Act (15 U.S.C. 1601 et seq.) is 
     amended by inserting after section 127A the following new 
     section:

     ``SEC. 127B. CREDIT CARD SAFETY STAR RATING SYSTEM.

       ``(a) Definitions.--In this section--
       ``(1) the term `agreement' means the terms and conditions 
     applicable to an open end credit plan offered by an issuer of 
     credit;
       ``(2) references to a reading grade level shall be as 
     determined by the Board, using available measurements for 
     assessing such reading levels, including those used by the 
     Department of Education;
       ``(3) the term `Safety Star System' means the credit card 
     safety star rating system established under this section; and
       ``(4) the term `junk mail' means a form of disclosure that 
     does not inform the consumer in a meaningful and significant 
     way about changes in the contract, including small type, 
     using separate pieces of paper for separate disclosures, and 
     mixing disclosure materials with product advertisements.
       ``(b) Rulemaking.--
       ``(1) In general.--Not later than 12 months after the date 
     of enactment of this section, the Board shall issue final 
     rules to implement the Safety Star System established under 
     this section, to allow consumers to quickly and easily 
     compare the levels of safety associated with various open end 
     credit plan agreements.
       ``(2) Consultation.--The Board shall consult with the 
     Comptroller of the Currency, the Office of Thrift 
     Supervision, and the Federal Deposit Insurance Corporation in 
     issuing rules to implement the Safety Star System.
       ``(c) Elements of Safety Star System.--The Safety Star 
     System shall consist of a 5-star system for rating the terms 
     and conditions of each open end credit plan agreement between 
     a card issuer and a cardholder, in accordance with this 
     section.
       ``(d) Safety Star Ratings.--
       ``(1) One-star rating.--The lowest level of safety for an 
     open end credit plan shall be indicated by a 1-star rating.
       ``(2) Five-star rating.--The highest level of safety in an 
     open end credit plan shall be indicated by a 5-star rating.
       ``(e) Point Structure for Safety Star System.--
       ``(1) Values.--Each variation of a term in an agreement 
     shall be worth 1 point or -1 point, as applicable.
       ``(2) Star system.--For purposes of the Safety Star 
     System--
       ``(A) 5-star credit cards are those with points totaling 7 
     points or greater;
       ``(B) 4-star credit cards are those with between 3 points 
     and 6 points;
       ``(C) 3-star credit cards are those with between -1 point 
     and 2 points;
       ``(D) 2-star credit cards are those with between -6 points 
     and -2 points; and
       ``(E) 1-star credit cards are those with -7 points or 
     fewer.
       ``(f) Point Awards.--One point shall be awarded for each of 
     the terms in an agreement under which--
       ``(1) no binding or nonbinding arbitration clause applies;
       ``(2) at least 90 days notice is provided to the cardholder 
     if the card issuer wants to change the terms of the 
     agreement, with the option for the consumer to opt out of the 
     changes, while paying off their previous balance according to 
     the original terms;
       ``(3) changes are disclosed in a manner that highlights the 
     differences between the current terms and the proposed terms;
       ``(4) the original card agreement and all original 
     supplementary materials are in 1 document at 1 time, and, 
     when the card issuer discloses changes to the card 
     agreement--
       ``(A) those materials are not in junk mail form; and
       ``(B) the changes are disclosed conspicuously, together 
     with the next billing cycle statement, before the changes 
     becomes effective;
       ``(5) no over-the-limit fees are imposed for the 
     transactions approved at the time of transaction by the card 
     issuer;
       ``(6) no fees are imposed to pay credit card bills using 
     any method, including over the phone;
       ``(7) payments are applied to the highest interest rate 
     principal first, regardless of whether the consumer only 
     makes the minimum payment;
       ``(8) interest is not accrued on new purchases between the 
     end of the billing cycle and the due date when a balance is 
     outstanding;
       ``(9) security deposits and fees for credit availability 
     (such as account opening fees or membership fees)--
       ``(A) are limited to 10 percent of the initial credit limit 
     during the first 12 months; and
       ``(B) at account opening, are limited to 5 percent of the 
     initial credit limit, and requires any additional amounts (up 
     to 10 percent) to be spread evenly over at least the next 5 
     billing cycles;
       ``(10) the terms of the agreement are disclosed in a form 
     that requires at or below an 8th grade reading level;
       ``(11) any secondary disclosure materials meant to 
     supplement the terms of the agreement are disclosed in a form 
     that requires at or below an 8th grade reading level;
       ``(12) no late fee may be imposed when a payment is 
     received, whether processed by the issuer or not, within 2 
     days of the payment due date;
       ``(13) a copy of the agreement and all supplementary 
     materials are easily available to the cardholder online; or
       ``(14) a substantial positive financial benefit would be 
     provided to the consumer, as determined by the Board in 
     accordance with subsection (h).
       ``(g) Negative Points.--One point shall be subtracted for 
     each of the terms in an agreement under which--
       ``(1) binding or nonbinding arbitration is required to 
     resolve disputes;
       ``(2) fewer than 30 days notice before the billing 
     statement for which changes in terms take effect are provided 
     to the cardholder when the card issuer wants to change the 
     terms of the card agreement (which shall be assumed if notice 
     of such changes is undisclosed in the agreement materials);
       ``(3) junk mailer disclosures are used to inform 
     cardholders of changes in their agreements;
       ``(4) over-the-limit fees are imposed more than once based 
     on the same transaction;
       ``(5) interest is accrued on new purchases between the end 
     of the billing cycle and the due date when a balance is 
     outstanding;
       ``(6) the terms of the agreement are disclosed in a form 
     that requires a reading level that is above a 12th grade 
     reading level;
       ``(7) any secondary disclosure materials meant to 
     supplement the terms of the agreement are written in a form 
     that requires a reading level above the 12th grade reading 
     level;
       ``(8) a late fee may be imposed within 2 days of the 
     payment due date;
       ``(9) the issuer may unilaterally change the terms in the 
     agreement without written consent from the consumer, or the 
     issuer may unilaterally make adverse changes to the

[[Page S5381]]

     terms in the agreement without written consent from the 
     consumer and written notice to the consumer of the precise 
     behavior that provoked the adverse change;
       ``(10) the issuer charges interest on transaction fees, 
     including late fees; or
       ``(11) there would be a negative financial impact on the 
     interests of the consumer, as determined by the Board in 
     accordance with subsection (h).
       ``(h) Board Considerations.--For purposes of subsections 
     (f)(14) and (g)(11), the Board may consider--
       ``(1) the level of difficulty in understanding terms of the 
     subject agreement by an average consumer;
       ``(2) how such terms will affect consumers who are close to 
     the edge of their credit limits;
       ``(3) how such terms will affect consumers who do not have 
     a good credit score, history, or rating, using commonly 
     employed credit measurement methods (if it creates greater 
     access to credit by reducing safety, or by other means);
       ``(4) whether such terms create what would appear to a 
     reasonable consumer to be an arbitrary deadline or limit that 
     may frustrate consumers and result in excess fees or worse 
     financial outcomes for the consumer;
       ``(5) whether such terms, or the severity of such terms, is 
     not based on the credit risks created by a particular 
     consumer behavior, but rather is designed to solely increase 
     revenue through lack of transparency;
       ``(6) whether any State has sought to limit such terms or 
     terms that are similar thereto;
       ``(7) whether provisions of State law relating to unfair 
     and deceptive practices would prohibit any such terms, but 
     for the national bank exclusion from non-home State banking 
     laws;
       ``(8) whether such terms have an anticompetitive or 
     procompetitive effect on the marketplace; and
       ``(9) such additional terms or concepts that are not 
     specified in paragraphs (1) through (8) that the Board deems 
     difficult for an average consumer to manage, such as terms 
     that are confusing to the typical consumer or that create a 
     greater risk of negative financial outcomes for the typical 
     consumer, and terms that promote transparency or competition.
       ``(i) Limitations.--For purposes of subsection (h), the 
     Board may not consider, with respect to the terms of an open 
     end credit plan agreement, the profitability or impact on the 
     success of any particular business model of such terms.
       ``(j) Automatic Rating.--Notwithstanding any other 
     provision of this section, or any other provision of State or 
     Federal law, any open end credit plan that allows the card 
     issuer or a designee thereof to modify the terms of the 
     agreement at any time or periodically for unspecified or 
     unstated reasons, shall automatically give rise to a 1-star 
     rating for such open end credit plan.
       ``(k) No Points if Terms Are Required by Law.--If a 
     particular term in an agreement becomes required by law or 
     regulation, no points may be awarded under the Safety Star 
     System for that term.
       ``(l) Procedures for Ratings.--
       ``(1) Certification to the board.--Each issuer of credit 
     under an open end credit plan shall certify in writing to the 
     Board, the number of stars to be awarded, separately for each 
     of the card issuer's agreements. Each such certification 
     shall specify which terms in each agreement are subject to 
     the Safety Star System, and how the issuer arrived at the 
     star rating for each agreement based on the Safety Star 
     System in accordance with paragraph (2).
       ``(2) Submissions to the board.--Each agreement that is 
     subject to a Safety Star System rating shall be submitted 
     electronically to the Board, together with a written 
     explanation of whether the agreement has or does not have 
     each of the terms specified in subsections (f) and (g), 
     before issuing or marketing a credit card under that 
     agreement.
       ``(3) Board verification.--
       ``(A) In general.--The Board shall verify that the terms in 
     the submitted agreement and supporting materials (such as 
     examples of future disclosures or examples of websites with 
     cardholder agreements) comply with the certification 
     submitted to the Board by the issuer under this subsection, 
     not later than 30 days after the date of submission.
       ``(B) Avoiding duplicative verifications.--A card issuer 
     may certify to the Board, in writing, that all agreements 
     that it markets include a particular term, or that the issuer 
     will use certain practices (with supporting documents, 
     including showing how future disclosures will be made) so 
     that the Board is required to determine only once, with 
     respect to that term or practice, how that term or practice 
     affects the star ratings of the credit card agreements of the 
     issuer.
       ``(4) Misrepresentations as violations.--Any certification 
     to the Board under this section that the issuer knew, or 
     should have known, was false or misrepresented to the Board 
     or to a consumer the terms or conditions of a card agreement 
     or of a Safety Star System rating under this section shall be 
     treated as a violation of this title, and shall be subject to 
     enforcement in accordance with section 108.
       ``(5) Modifications by card issuers.--
       ``(A) In general.--After the first annual review by the 
     Board, mentioned in subsection (o), before implementing any 
     new term or concept, or new way of approaching a term or 
     concept, with respect to an open end credit plan, the card 
     issuer shall submit the new term or concept and any 
     supporting materials to the Board, other than with respect to 
     an adjustment to the applicable rate of interest in an 
     existing agreement that clearly specifies that such rate 
     would be adjustable and under what conditions such 
     adjustments could occur.
       ``(B) Determination of the board.--Not later than 30 days 
     after the date of a submission under subparagraph (A), the 
     Board shall complete a review of the effects on safety of the 
     subject new concept or term, and shall issue a decision on 
     whether it affects the Safety Star System rating for the open 
     end credit plan that will include the term or concept.
       ``(m) Display of and Access to Ratings.--
       ``(1) Display of rating required.--The Safety Star System 
     rating for each credit card shall be clearly displayed on all 
     marketing material, applications, billing statements, and 
     agreements associated with that credit card, as well as on 
     the back of each such credit card, including a brief 
     explanation of the system displayed below each rating (other 
     than on the back of the credit card).
       ``(2) New cards required for lower ratings.--In any case in 
     which the Safety Star System rating for a credit card is 
     lowered for any reason, the card issuer shall provide new 
     cards to account holders displaying the new rating in 
     accordance with paragraph (1).
       ``(3) Graphic display.--The Safety Star System rating for a 
     credit card shall be represented by a graphic that 
     demonstrates not only the number of stars that the credit 
     card has received, but also the number of stars that the card 
     did not receive.
       ``(4) Development of graphic by the board.--The Board shall 
     determine the graphic and description of the Safety Star 
     System for display on materials and the back of cards for 
     purposes of this section.
       ``(n) Consumer Access to Ratings.--
       ``(1) In general.--The Board shall engage in an extensive 
     campaign to educate consumers about the Safety Star System 
     ratings for credit cards, using commonly used and accessible 
     communications media.
       ``(2) Website.--Not later than 12 months after the date of 
     enactment of this section, the Board shall establish and 
     shall maintain a stand-alone website--
       ``(A) to provide easily understandable, in-depth 
     information on the criteria used to assign the ratings, as 
     provided in subsections (f) and (g); and
       ``(B) to include a listing of the Safety Star System 
     ratings for each open end consumer credit plan, information 
     on how the issuer arrived at that rating, and the number of 
     consumers that have that plan with the issuer.
       ``(o) Annual Review by the Board.--
       ``(1) In general.--The Board shall conduct a thorough 
     annual review (of not longer than 6 months in duration) of 
     the Safety Star System, to determine whether the point system 
     is effectively aiding consumers, and shall promptly implement 
     any regulatory changes as are necessary to ensure that the 
     System protects consumers and encourages transparent 
     competition and fairness to consumers, including implementing 
     a system in which terms are weighted to distinguish between 
     different levels of safety, in accordance with the purposes 
     of this section.
       ``(2) Availability of results.--Results of the review 
     conducted under this subsection shall be submitted to 
     Congress, and shall be made available to the public.
       ``(p) Periodic Review of Standards.--Once every 2 years, 
     the Board shall determine whether the requirements to satisfy 
     2-star standards and above should be raised on the grounds 
     that card issuers have abandoned the most unfair practices. 
     In making such determination, the Board may not consider the 
     profitability of business models, but may consider whether 
     competition in the credit industry will improve consumer 
     protection, and how the change in standards will affect such 
     competition.''.

     SEC. 604. SAFETY STAR ADVISORY COMMISSION.

       (a) Establishment.--There is established the Credit Card 
     Safety Star Advisory Commission (in this section referred to 
     as the ``Commission'').
       (b) Duties.--
       (1) Review of the credit card safety star system and annual 
     reports.--The Commission shall--
       (A) review the effectiveness of the credit card Safety Star 
     System under this section, including the topics described in 
     paragraph (2);
       (B) make recommendations to Congress concerning such 
     system;
       (C) study whether it would better protect consumers to ban 
     some practices by creditors rather than use a rating system 
     for those practices, including universal default, unilateral 
     changes without consumer consent, allowing interest charges 
     on fees, or allowing interest rate increases to apply to past 
     debt; and
       (D) by not later than March 1 of each calendar year 
     following the date of enactment of this Act, submit a report 
     to Congress containing the results of such reviews and its 
     recommendations concerning such system.
       (2) Specific topics to be reviewed.--The Commission shall 
     review--
       (A) with respect to all credit card users--
       (i) the methodology for awarding stars to credit cards 
     under the Safety Star System, and whether there may be a 
     better way to award stars that takes into account unfair or 
     unsafe practices that remain uncaptured in the Safety Star 
     System;

[[Page S5382]]

       (ii) the consumer awareness of the Safety Star System and 
     what may make the system more useful to consumers; and
       (iii) other major issues in implementation and further 
     development of the Safety Star System;
       (B) with respect to credit card users who are at or close 
     to their credit limits, whether such consumers are being 
     specifically targeted in credit card agreements, and whether 
     the Safety Star System should incorporate more terms or be 
     revised to encourage more fair terms for such consumers; and
       (C) the effects of the Safety Star System on the 
     availability and affordability of credit and the implications 
     of changes in credit availability and affordability in the 
     United States and in the general market for credit services 
     due to the Safety Star System.
       (3) Comments on certain board reports.--
       (A) Transmittal to commission.--If the Board submits to 
     Congress (or a committee of Congress) a report that is 
     required by law and that relates to the Safety Star System, 
     the Board shall transmit a copy of the report to the 
     Commission.
       (B) Independent review.--The Commission shall review any 
     report received under subparagraph (A) and, not later than 6 
     months after the date of submission of the report to 
     Congress, shall submit to the appropriate committees of 
     Congress written comments on such report. Such comments may 
     include such recommendations as the Commission determines 
     appropriate.
       (4) Agenda and additional reviews.--The Commission shall 
     consult periodically with the chairperson and ranking 
     minority members of the appropriate committees of Congress 
     regarding the agenda of the Commission and progress towards 
     achieving the agenda. The Commission may conduct additional 
     reviews, and submit additional reports to the appropriate 
     committees of Congress, from time to time on such topics 
     relating to the Safety Star System as may be requested by 
     such chairpersons and members, and as the Commission 
     determines appropriate.
       (5) Availability of reports.--The Commission shall transmit 
     to the Board a copy of each report submitted under this 
     subsection, and shall make such reports available to the 
     public in an easily accessible format, including operating a 
     website containing the reports.
       (6) Appropriate committees of congress.--For purposes of 
     this subsection, the term ``appropriate committees of 
     Congress'' means the Committee on Banking, Housing, and Urban 
     Affairs of the Senate and the Committee on Financial Services 
     of the House of Representatives.
       (7) Voting and reporting requirements.--With respect to 
     each recommendation contained in a report submitted under 
     paragraph (1), each member of the Commission shall vote on 
     the recommendation, and the Commission shall include, by 
     member, the results of that vote in the report containing the 
     recommendation. The Commission may file a minority report.
       (8) Examination of budget consequences.--Before making any 
     recommendation that is likely to have a Federal budgetary 
     impact, the Commission shall examine the budget consequences 
     of such recommendation, directly or through consultation with 
     appropriate expert entities.
       (c) Membership.--
       (1) Number and appointment.--The Commission shall be 
     composed of 15 members appointed by the Congress, in 
     accordance with this section.
       (2) Qualifications.--
       (A) In general.--The membership of the Commission shall 
     include individuals--
       (i) who have achieved national recognition for their 
     expertise in credit cards, debt management, economics, credit 
     availability, consumer protection, and other credit card-
     related issues and fields; or
       (ii) who provide a mix of different professions, a broad 
     geographic representation, and a balance between urban and 
     rural representatives.
       (B) Makeup of commission.--The Commission shall be made up 
     of 15 members, of whom--
       (i) 4 shall be representatives from consumer groups;
       (ii) 4 shall be representatives from credit card issuers or 
     banks;
       (iii) 7 shall be representatives from nonprofit research 
     entities or nonpartisan experts in banking and credit cards; 
     and
       (iv) no fewer than 1 of the members described in clauses 
     (i) through (iii) shall represent each of--

       (I) the elderly;
       (II) economically disadvantaged consumers;
       (III) racial or ethnic minorities; and
       (IV) students and minors.

       (C) Ethics disclosures.--The Commission shall establish a 
     system for public disclosure by members of the Commission of 
     financial and other potential conflicts of interest relating 
     to such members. Members of the Commission shall be treated 
     as employees of Congress whose pay is disbursed by the 
     Secretary of the Senate for purposes of title I of the Ethics 
     in Government Act of 1978 (Public Law 95-521).
       (3) Terms.--
       (A) In general.--The terms of members of the Commission 
     shall be for 5 years except that the Congress shall designate 
     staggered terms for the members first appointed.
       (B) Vacancies.--Any member appointed to fill a vacancy 
     occurring before the expiration of the term for which the 
     member's predecessor was appointed shall be appointed only 
     for the remainder of that term. A member may serve after the 
     expiration of that member's term until a successor has taken 
     office. A vacancy in the Commission shall be filled in the 
     manner in which the original appointment was made.
       (4) Compensation.--
       (A) Members.--While serving on the business of the 
     Commission (including travel time), a member of the 
     Commission shall be entitled to compensation at the per diem 
     equivalent of the rate provided for level IV of the Executive 
     Schedule under section 5315 of title 5, United States Code, 
     and while so serving away from home and the regular place of 
     business of the member, the member may be allowed travel 
     expenses, as authorized by the Chairperson.
       (B) Other employees.--For purposes of pay (other than pay 
     of members of the Commission) and employment benefits, 
     rights, and privileges, all employees of the Commission shall 
     be treated as if they were employees of the United States 
     Senate.
       (5) Chairperson; vice chairperson.--The Congress shall, at 
     the time of appointment of the member as Chairperson and a 
     member as Vice Chairperson for that term of appointment, 
     except that in the case of vacancy in the position of 
     Chairperson or Vice Chairperson of the Commission, the 
     Congress may designate another member for the remainder of 
     that member's term.
       (6) Meetings.--The Commission shall meet at the call of the 
     Chairperson.
       (d) Director and Staff; Experts and Consultants.--The 
     Commission may, as necessary to assure the efficient 
     administration of the Commission--
       (1) employ and fix the compensation of an Executive 
     Director and such other personnel as may be necessary to 
     carry out its duties (without regard to the provisions of 
     title 5, United States Code, governing appointments in the 
     competitive service);
       (2) seek such assistance and support as may be required in 
     the performance of its duties from appropriate Federal 
     departments and agencies;
       (3) enter into contracts or make other arrangements, as may 
     be necessary for the conduct of the work of the Commission 
     (without regard to section 3709 of the Revised Statutes of 
     the United States (41 U.S.C. 5));
       (4) make advance, progress, and other payments which relate 
     to the work of the Commission;
       (5) provide transportation and subsistence for persons 
     serving without compensation; and
       (6) prescribe such rules and regulations as it determines 
     necessary with respect to the internal organization and 
     operation of the Commission.
       (e) Powers.--
       (1) Obtaining official data.--The Commission may secure 
     directly from any department or agency of the United States 
     information necessary to enable it to carry out this section. 
     Upon request of the Chairperson, the head of that department 
     or agency shall furnish that information to the Commission on 
     an agreed upon schedule.
       (2) Data collection.--In order to carry out its functions, 
     the Commission shall--
       (A) utilize existing information, both published and 
     unpublished, where possible, collected and assessed either by 
     its own staff or under other arrangements made in accordance 
     with this section;
       (B) carry out, or award grants or contracts for, original 
     research and experimentation, where existing information is 
     inadequate; and
       (C) adopt procedures allowing any interested party to 
     submit information for the Commission's use in making reports 
     and recommendations.
       (3) Access of gao to information.--The Comptroller General 
     of the United States shall have unrestricted access to all 
     deliberations, records, and nonproprietary data of the 
     Commission, immediately upon request for the purposes of 
     periodic audits by the Comptroller General.
       (f) Authorization of Appropriations.--There are authorized 
     to be appropriated to the Commission, not more than 
     $10,000,000 for each fiscal year to carry out this section.
                                 ______
                                 
  SA 1064. Mr. UDALL of Colorado submitted an amendment intended to be 
proposed to the bill 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, and for other purposes; 
which was ordered to lie on the table; as follows:

       At the end of title V, add the following:

     SEC. 503. DISCLOSURE OF CREDIT SCORES.

       Section 612(a)(1) of the Fair Credit Reporting Act (15 
     U.S.C. 1681j(a)(1)) is amended by adding at the end the 
     following:
       ``(D) Inclusion of credit scores.--Each consumer reporting 
     agency described in subparagraph (A) that develops or uses a 
     credit score with respect to any consumer shall include the 
     information described in section 609(f) with the disclosures 
     required by subparagraph (A) of this paragraph, free of 
     charge.''.
                                 ______
                                 
  SA 1065. Mr. CASEY submitted an amendment intended to be proposed by 
him to the bill H.R. 627, to amend the Truth in Lending Act to 
establish fair and transparent practices relating to

[[Page S5383]]

the extension of credit under an open end consumer credit plan, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the end of title III, add the following:

     SEC. 304. COLLEGE CREDIT CARD AGREEMENTS.

       (a) In General.--Section 127 of the Truth in Lending Act 
     (15 U.S.C. 1637), as otherwise amended by this Act, is 
     amended by adding at the end the following:
       ``(q) College Card Agreements.--
       ``(1) Definitions.--For purposes of this subsection, the 
     following definitions shall apply:
       ``(A) College affinity card.--The term `college affinity 
     card' means a credit card issued by a credit card issuer 
     under an open end consumer credit plan in conjunction with an 
     agreement between the issuer and an institution of higher 
     education, or an alumni organization or foundation affiliated 
     with or related to such institution, under which such cards 
     are issued to college students who have an affinity with such 
     institution, organization and--
       ``(i) the creditor has agreed to donate a portion of the 
     proceeds of the credit card to the institution, organization, 
     or foundation (including a lump sum or 1-time payment of 
     money for access);
       ``(ii) the creditor has agreed to offer discounted terms to 
     the consumer; or
       ``(iii) the credit card bears the name, emblem, mascot, or 
     logo of such institution, organization, or foundation, or 
     other words, pictures, or symbols readily identified with 
     such institution, organization, or foundation.
       ``(B) College student credit card account.--The term 
     `college student credit card account' means a credit card 
     account under an open end consumer credit plan established or 
     maintained for or on behalf of any college student.
       ``(C) College student.--The term `college student' means an 
     individual who is a full-time or a part-time student 
     attending an institution of higher education.
       ``(D) Institution of higher education.--The term 
     `institution of higher education' has the same meaning as in 
     section 101 and 102 of the Higher Education Act of 1965 (20 
     U.S.C. 1002).
       ``(2) Reports by creditors.--
       ``(A) In general.--Each creditor shall submit an annual 
     report to the Board containing the terms and conditions of 
     all business, marketing, and promotional agreements and 
     college affinity card agreements with an institution of 
     higher education, or an alumni organization or foundation 
     affiliated with or related to such institution, with respect 
     to any college student credit card issued to a college 
     student at such institution.
       ``(B) Details of report.--The information required to be 
     reported under subparagraph (A) includes--
       ``(i) any memorandum of understanding between or among a 
     creditor, an institution of higher education, an alumni 
     association, or foundation that directly or indirectly 
     relates to any aspect of any agreement referred to in such 
     subparagraph or controls or directs any obligations or 
     distribution of benefits between or among any such entities;
       ``(ii) the amount payments from the creditor to the 
     institution, organization, or foundation during the period 
     covered by the report, and the precise terms of any agreement 
     under which such amounts are determined; and
       ``(iii) the number of credit card accounts covered by any 
     such agreement that were opened during the period covered by 
     the report and the total number of credit card accounts 
     covered by the agreement that were outstanding at the end of 
     such period.
       ``(C) Aggregation by institution.--The information reported 
     under subparagraph (A) shall be aggregated with respect to 
     each institution of higher education or alumni organization 
     or foundation affiliated with or related to such institution.
       ``(3) Reports by board.--The Board shall submit to the 
     Congress, and make available to the public, an annual report 
     that lists the information concerning credit card agreements 
     submitted to the Board under paragraph (2) by each 
     institution of higher education, alumni organization, or 
     foundation.''.
       (b) Study and Report by the Comptroller General.--
       (1) Study.--The Comptroller General of the United States 
     shall from time to time review the reports submitted by 
     creditors and the marketing practices of creditors to 
     determine the impact that college affinity card agreements 
     and college student card agreements have on credit card debt.
       (2) Report.--Upon completion of any study under paragraph 
     (1), the Comptroller General shall periodically submit a 
     report to the Congress on the findings and conclusions of the 
     study, together with such recommendations for administrative 
     or legislative action as the Comptroller General determines 
     to be appropriate.
       (c) Effective Date for Initial Creditor Reports.--The 
     initial reports required under paragraph (2)(A) of the 
     amendment made by subsection (a) shall be submitted to the 
     Board before the end of the 90-day period beginning on the 
     date of enactment of this Act.
                                 ______
                                 
  SA 1066. Mr. VITTER submitted an amendment intended to be proposed to 
amendment SA 1058 proposed by Mr. Dodd (for himself and Mr. Shelby) to 
the bill 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, and for other purposes; as follows:

       At the end of the bill, add the following:

     SEC. __. FORMS OF ACCEPTABLE IDENTIFICATION FOR CREDIT CARD 
                   ISSUERS.

       (a) In General.--Chapter 2 of the Truth in Lending Act (15 
     U.S.C. 1601 et seq.) is amended by inserting after section 
     127A the following new section:

     ``SEC. 127B. IDENTIFICATION AND VERIFICATION OF 
                   ACCOUNTHOLDERS.

       ``(a) In General.--Subject to the requirements of this 
     section, the Board shall prescribe regulations setting forth 
     the minimum standards for card issuers under open end credit 
     plans and cardholders regarding the identity of the consumer, 
     that shall apply in connection with the opening of such a 
     credit card account.
       ``(b) Minimum Requirements.--The regulations required under 
     subsection (a) shall, at a minimum, require card issuers to 
     implement, and cardholders (after being given adequate 
     notice) to comply with, reasonable procedures for--
       ``(1) verifying the identity of any person seeking to open 
     a credit card account, to the extent reasonable and 
     practicable;
       ``(2) maintaining records of the information used to verify 
     a person's identity, including name, address, and other 
     identifying information; and
       ``(3) consulting lists of known or suspected terrorists or 
     terrorist organizations provided to the card issuer by any 
     government agency, to determine whether a person seeking to 
     open a credit card account appears on any such list.
       ``(c) Forms of Acceptable Identification.--A card issuer 
     may not accept, for the purpose of verifying the identity of 
     an individual seeking to open an account in accordance with 
     this subsection, any form of identification of the 
     individual, other than--
       ``(1) a social security card, accompanied by a photo 
     identification card issued by the Federal Government or a 
     State government;
       ``(2) a driver's license or identification card issued by a 
     State, in the case of a State that is in compliance with 
     title II of the REAL ID Act of 2005 (49 U.S.C. 30301 note);
       ``(3) a passport issued by the United States or a foreign 
     government; or
       ``(4) a photo identification card issued by the Secretary 
     of Homeland Security (acting through the Director of the 
     United States Citizenship and Immigration Service).''.
       (b) Effective Date.--Section 127B of the Truth in Lending 
     Act, as added by this section, shall become effective 6 
     months after the date of enactment of this Act.
                                 ______
                                 
  SA 1067. Mr. COBURN proposed an amendment to amendment SA 1058 
proposed by Mr. Dodd (for himself and Mr. Shelby) to the bill 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, and for other purposes; as follows:

       At the appropriate place, insert the following:

     SEC. __. PROTECTING AMERICANS FROM VIOLENT CRIME.

       (a) Congressional Findings.--Congress finds the following:
       (1) The Second Amendment to the Constitution provides that 
     ``the right of the people to keep and bear Arms, shall not be 
     infringed''.
       (2) Section 2.4(a)(1) of title 36, Code of Federal 
     Regulations, provides that ``except as otherwise provided in 
     this section and parts 7 (special regulations) and 13 (Alaska 
     regulations), the following are prohibited: (i) Possessing a 
     weapon, trap or net (ii) Carrying a weapon, trap or net (iii) 
     Using a weapon, trap or net''.
       (3) Section 27.42 of title 50, Code of Federal Regulations, 
     provides that, except in special circumstances, citizens of 
     the United States may not ``possess, use, or transport 
     firearms on national wildlife refuges'' of the United States 
     Fish and Wildlife Service.
       (4) The regulations described in paragraphs (2) and (3) 
     prevent individuals complying with Federal and State laws 
     from exercising the second amendment rights of the 
     individuals while at units of--
       (A) the National Park System; and
       (B) the National Wildlife Refuge System.
       (5) The existence of different laws relating to the 
     transportation and possession of firearms at different units 
     of the National Park System and the National Wildlife Refuge 
     System entrapped law-abiding gun owners while at units of the 
     National Park System and the National Wildlife Refuge System.
       (6) Although the Bush administration issued new regulations 
     relating to the Second Amendment rights of law-abiding 
     citizens in units of the National Park System and National 
     Wildlife Refuge System that went into effect on January 9, 
     2009--
       (A) on March 19, 2009, the United States District Court for 
     the District of Columbia granted a preliminary injunction 
     with respect to the implementation and enforcement of the new 
     regulations; and
       (B) the new regulations--
       (i) are under review by the administration; and
       (ii) may be altered.
       (7) Congress needs to weigh in on the new regulations to 
     ensure that unelected bureaucrats and judges cannot again 
     override the

[[Page S5384]]

     Second Amendment rights of law-abiding citizens on 83,600,000 
     acres of National Park System land and 90,790,000 acres of 
     land under the jurisdiction of the United States Fish and 
     Wildlife Service.
       (8) The Federal laws should make it clear that the second 
     amendment rights of an individual at a unit of the National 
     Park System or the National Wildlife Refuge System should not 
     be infringed.
       (b) Protecting the Right of Individuals to Bear arms in 
     Units of the National Park System and the National Wildlife 
     Refuge System.--The Secretary of the Interior shall not 
     promulgate or enforce any regulation that prohibits an 
     individual from possessing a firearm including an assembled 
     or functional firearm in any unit of the National Park System 
     or the National Wildlife Refuge System if--
       (1) the individual is not otherwise prohibited by law from 
     possessing the firearm; and
       (2) the possession of the firearm is in compliance with the 
     law of the State in which the unit of the National Park 
     System or the National Wildlife Refuge System is located.
                                 ______
                                 
  SA 1068. Mr. COBURN proposed an amendment to the bill 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, and for other purposes; as follows:

       At the appropriate place in the bill, insert the following:

     SEC. __. PROTECTING AMERICANS FROM VIOLENT CRIME.

       (a) Congressional Findings.--Congress finds the following:
       (1) The Second Amendment to the Constitution provides that 
     ``the right of the people to keep and bear Arms, shall not be 
     infringed''.
       (2) Section 2.4(a)(1) of title 36, Code of Federal 
     Regulations, provides that ``except as otherwise provided in 
     this section and parts 7 (special regulations) and 13 (Alaska 
     regulations), the following are prohibited: (i) Possessing a 
     weapon, trap or net (ii) Carrying a weapon, trap or net (iii) 
     Using a weapon, trap or net''.
       (3) Section 27.42 of title 50, Code of Federal Regulations, 
     provides that, except in special circumstances, citizens of 
     the United States may not ``possess, use, or transport 
     firearms on national wildlife refuges'' of the United States 
     Fish and Wildlife Service.
       (4) The regulations described in paragraphs (2) and (3) 
     prevent individuals complying with Federal and State laws 
     from exercising the second amendment rights of the 
     individuals while at units of--
       (A) the National Park System; and
       (B) the National Wildlife Refuge System.
       (5) The existence of different laws relating to the 
     transportation and possession of firearms at different units 
     of the National Park System and the National Wildlife Refuge 
     System entrapped law-abiding gun owners while at units of the 
     National Park System and the National Wildlife Refuge System.
       (6) Although the Bush administration issued new regulations 
     relating to the Second Amendment rights of law-abiding 
     citizens in units of the National Park System and National 
     Wildlife Refuge System that went into effect on January 9, 
     2009--
       (A) on March 19, 2009, the United States District Court for 
     the District of Columbia granted a preliminary injunction 
     with respect to the implementation and enforcement of the new 
     regulations; and
       (B) the new regulations--
       (i) are under review by the administration; and
       (ii) may be altered.
       (7) Congress needs to weigh in on the new regulations to 
     ensure that unelected bureaucrats and judges cannot again 
     override the Second Amendment rights of law-abiding citizens 
     on 83,600,000 acres of National Park System land and 
     90,790,000 acres of land under the jurisdiction of the United 
     States Fish and Wildlife Service.
       (8) The Federal laws should make it clear that the second 
     amendment rights of an individual at a unit of the National 
     Park System or the National Wildlife Refuge System should not 
     be infringed.
       (b) Protecting the Right of Individuals To Bear Arms in 
     Units of the National Park System and the National Wildlife 
     Refuge System.--The Secretary of the Interior shall not 
     promulgate or enforce any regulation that prohibits an 
     individual from possessing a firearm including an assembled 
     or functional firearm in any unit of the National Park System 
     or the National Wildlife Refuge System if--
       (1) the individual is not otherwise prohibited by law from 
     possessing the firearm; and
       (2) the possession of the firearm is in compliance with the 
     law of the State in which the unit of the National Park 
     System or the National Wildlife Refuge System is located.
                                 ______
                                 
  SA 1069. Mr. KERRY submitted an amendment intended to be proposed by 
him to the bill 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, and for other purposes; 
which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. FREEZE ON CONSUMER CREDIT CARD RATES.

       (a) In General.--Notwithstanding any other provision of 
     this Act or the amendments made by this Act, during the 
     period beginning on the date of enactment of this Act and 
     ending on December 31, 2010, no creditor which extends credit 
     to any consumer through a credit card account under an open 
     end consumer credit plan may increase the annual percentage 
     rate applicable to any outstanding balance as of such date of 
     enactment on any such account for any reason, except as 
     provided in any agreement between the consumer and a creditor 
     in effect on the date of enactment of this Act.
       (b) Definitions.--For purposes of this subsection--
       (1) the terms ``consumer'', ``credit'', ``creditor'', 
     ``credit card'', and ``open end credit plan'' have the same 
     meanings as in section 103 of the Truth in Lending Act (15 
     U.S.C. 1602); and
       (2) the term ``annual percentage rate'' means the annual 
     percentage rate, as determined in accordance with section 107 
     of the Truth in Lending Act (15 U.S.C. 1606).
                                 ______
                                 
  SA 1070. Mrs. FEINSTEIN submitted an amendment intended to be 
proposed to amendment SA 1058 proposed by Mr. Dodd (for himself and Mr. 
Shelby) to the bill 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, and for other purposes; 
which was ordered to lie on the table; as follows:

       At the end of title II, add the following:

     SEC. 205. LIMITATION ON CONSIDERATIONS FOR RATE INCREASES.

       Section 127 of the Truth in Lending Act (12 U.S.C. 1637), 
     as otherwise amended by this Act, is amended by adding at the 
     end the following:
       ``(q) Considerations for Rate Increases.--Notwithstanding 
     any other provision of this title, no card issuer may reduce 
     a credit limit or raise the interest rate applicable to a 
     credit card account under an open end consumer credit plan 
     based on--
       ``(1) whether the geographic location of the consumer is in 
     an area experiencing a high rate of home foreclosures or 
     significant declines in property values;
       ``(2) the identity of the holder of the home mortgage of 
     the consumer; or
       ``(3) employment or involvement by the consumer in a 
     business or industry that is economically distressed.''.
                                 ______
                                 
  SA 1071. Mrs. FEINSTEIN (for herself and Mr. Corker) submitted an 
amendment intended to be proposed to amendment SA 1058 proposed by Mr. 
Dodd (for himself and Mr. Shelby) to the bill 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, and for other purposes; which was ordered to lie on the table; as 
follows:

       At the end of title III, add the following:

     SEC. 305. PRIVACY PROTECTIONS FOR COLLEGE STUDENTS.

       Section 140 of the Truth in Lending Act (15 U.S.C. 1650) is 
     amended by adding at the end the following:
       ``(f) Credit Card Protections for College Students.--
       ``(1) Disclosure required.--A covered educational 
     institution shall publicly disclose any contract or other 
     agreement made with a card issuer or creditor for the purpose 
     of marketing a credit card.
       ``(2) Gifts prohibited.--No card issuer or creditor may 
     offer any gift or other item to a student of a covered 
     educational institution to induce such student to apply for 
     or participate in an open end credit plan offered by such 
     card issuer or creditor.
       ``(3) Sense of the congress.--It is the sense of the 
     Congress that each covered educational institution should 
     consider adopting the following policies relating to credit 
     cards:
       ``(A) That any card issuer that markets a credit card on 
     the campus of such institution notify the administration of 
     such institution of the location at which such marketing will 
     take place.
       ``(B) That the number of locations on the campus of such 
     institution at which the marketing of credit cards takes 
     place be limited.
       ``(C) That credit card and debt education and counseling 
     sessions be offered as a regular part of any orientation 
     program for new students of such institution.''.
                                 ______
                                 
  SA 1072. Mr. JOHANNS submitted an amendment intended to be proposed 
to amendment SA 1058 proposed by Mr. Dodd (for himself and Mr. Shelby) 
to the bill 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, and for other purposes; which 
was ordered to lie on the table; as follows:

       On page 47, line 7, insert ``and small business owners'' 
     after ``borrowers''.
                                 ______
                                 
  SA 1073. Mr. MENENDEZ submitted an amendment intended to be proposed 
to amendment SA 1058 proposed by Mr.

[[Page S5385]]

Dodd (for himself and Mr. Shelby) to the bill 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, and for other purposes; which was ordered to lie on the table; as 
follows:

       At the end of title I, add the following:

     SEC. 109. LIMIT ON PENALTY INTEREST RATE.

       Section 127 of the Truth in Lending Act (15 U.S.C. 1637) is 
     amended by adding at the end the following:
       ``(p) Limit on Penalty Increases.--A creditor may not 
     apply, as a penalty with respect to a credit card account 
     under an open end consumer credit plan, an increase in the 
     annual percentage rate in excess of 7 percentage points above 
     the interest rate that was in effect with respect to the 
     credit card account of the consumer on the date immediately 
     preceding the first such penalty increase for such 
     account.''.
       On page 36, line 21, strike ``(p)'' and insert ``(q)''.
                                 ______
                                 
  SA 1074. Mr. MENENDEZ submitted an amendment intended to be proposed 
to amendment SA 1058 proposed by Mr. Dodd (for himself and Mr. Shelby) 
to the bill 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, and for other purposes; which 
was ordered to lie on the table; as follows:

       At the end of title III, add the following:

     SEC. 304. PRIVACY PROTECTIONS FOR COLLEGE STUDENTS.

       Section 140 of the Truth in Lending Act (15 U.S.C. 1650) is 
     amended by adding at the end the following:
       ``(f) Gifts to Students Prohibited.--No card issuer or 
     other creditor may offer any gift or other item to a student 
     of a covered educational institution to induce such student 
     to apply for or participate in an open end consumer credit 
     plan offered by such card issuer or creditor.''.
                                 ______
                                 
  SA 1075. Mr. MENENDEZ submitted an amendment intended to be proposed 
to amendment SA 1058 proposed by Mr. Dodd (for himself and Mr. Shelby) 
to the bill 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, and for other purposes; which 
was ordered to lie on the table; as follows:

       At the end of title III, add the following:

     SEC. 304. COLLEGE CREDIT CARD AGREEMENTS.

       (a) In General.--Section 127 of the Truth in Lending Act 
     (15 U.S.C. 1637) is amended by adding at the end the 
     following:
       ``(q) College Affinity Card Agreements.--
       ``(1) Definitions.--For purposes of this subsection, the 
     following definitions shall apply:
       ``(A) College affinity card.--The term `college affinity 
     card' means a credit card issued by a card issuer under an 
     open end consumer credit plan in conjunction with an 
     agreement between the issuer and an institution of higher 
     education, under which such cards are issued to college 
     students who have an affinity with such institution, 
     organization, or foundation and--
       ``(i) the creditor has agreed to donate a portion of the 
     proceeds of the credit card (including a lump sum or 1-time 
     payment of money for access) to the institution;
       ``(ii) the creditor has agreed to offer discounted terms to 
     the consumer; or
       ``(iii) the credit card bears the name, emblem, mascot, or 
     logo of such institution, organization, or foundation, or 
     other words, pictures, or symbols that are identified with 
     such institution.
       ``(B) College student credit card account.--The term 
     `college student credit card account' means a credit card 
     account under an open end consumer credit plan established or 
     maintained for or on behalf of any college student.
       ``(C) College student.--The term `college student' means an 
     individual who is a full-time or a part-time student 
     attending an institution of higher education.
       ``(D) Institution of higher education.--The term 
     `institution of higher education'--
       ``(i) has the same meaning as in section 101 and 102 of the 
     Higher Education Act of 1965 (20 U.S.C. 1001 and 1002); and
       ``(ii) includes an alumni organization or foundation 
     affiliated with or related to such institution.
       ``(2) Reports by creditors.--
       ``(A) In general.--Each creditor shall submit an annual 
     report to the Board that contains--
       ``(i) the terms and conditions of any business, marketing, 
     promotional, or college affinity card agreement with an 
     institution of higher education, with respect to any college 
     student credit card issued to a college student at such 
     institution;
       ``(ii) any memorandum of understanding between a creditor 
     and an institution of higher education that directly or 
     indirectly relates to any aspect of an agreement described in 
     clause (i) or controls or directs any obligations or 
     distribution of benefits between such entities;
       ``(iii) the amount of any payments from the creditor to an 
     institution of higher education during the period covered by 
     the report, and the precise terms of any agreement under 
     which such amounts are determined; and
       ``(iv) the number of credit card accounts covered by any 
     such agreement that were opened during the period covered by 
     the report and the total number of credit card accounts 
     covered by the agreement that were outstanding at the end of 
     such period.
       ``(B) Aggregation by institution.--The information required 
     to be reported under subparagraph (A) shall be aggregated 
     with respect to each institution of higher education.
       ``(C) First report.--Each creditor shall make the first 
     report required under this paragraph not later than 90 days 
     after the date of enactment of the Credit CARD Act of 2009.
       ``(3) Reports by board.--The Board shall submit to the 
     Congress, and make available to the public, an annual report 
     that lists the information concerning credit card agreements 
     required to be submitted to the Board under paragraph (2) for 
     each institution of higher education.''.
       (b) Study and Report by the Comptroller General.--
       (1) Study.--The Comptroller General of the United States 
     shall, from time to time, review the reports submitted by 
     creditors under section 127(q) of the Truth in Lending Act 
     (15 U.S.C. 1637), as added by this Act, and the marketing 
     practices of creditors, to determine the impact that college 
     affinity card agreements and college student card agreements 
     (as those terms are defined in that section 127(q)) have on 
     credit card debt.
       (2) Report.--Upon completion of a study under paragraph 
     (1), the Comptroller General shall submit a report to the 
     Congress on the findings and conclusions of the study, 
     together with such recommendations for administrative or 
     legislative action as the Comptroller General determines are 
     appropriate.
                                 ______
                                 
  SA 1076. Mr. MENENDEZ submitted an amendment intended to be proposed 
to amendment SA 1058 proposed by Mr. Dodd (for himself and Mr. Shelby) 
to the bill 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, and for other purposes; which 
was ordered to lie on the table; as follows:

       At the end of title III, add the following:

     SEC. 304. PRIVACY PROTECTIONS FOR COLLEGE STUDENTS.

       Section 140 of the Truth in Lending Act (15 U.S.C. 1650) is 
     amended by adding at the end the following:
       ``(f) Privacy Protections for College Students.--A covered 
     educational institution may not sell or otherwise provide to 
     a card issuer or consumer reporting agency, as that term is 
     defined in section 603, any information about a student or 
     prospective student of such institution.''.
                                 ______
                                 
  SA 1077. Mr. MENENDEZ submitted an amendment intended to be proposed 
to amendment SA 1058 proposed by Mr. Dodd (for himself and Mr. Shelby) 
to the bill 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, and for other purposes; which 
was ordered to lie on the table; as follows:

       At the end of title I, add the following:

     SEC. 109. FIRM OFFER OF CREDIT OR INSURANCE.

       Section 603(l) of the Fair Credit Reporting Act (15 U.S.C. 
     1681a(l)) is amended to read as follows:
       ``(l) Firm Offer of Credit or Insurance.--
       ``(1) Definition.--The term `firm offer of credit or 
     insurance' means any offer of credit or insurance to a 
     consumer that specifies all material terms, and will be 
     honored if the consumer is determined to meet the specific 
     criteria used to select the consumer for the offer, based on 
     information in a consumer report on the consumer.
       ``(2) Required disclosures in offers of credit.--In the 
     case of a firm offer of credit, the offer shall set forth the 
     specific annual percentage rate, fees, and amount of credit 
     or credit limit applicable to the offer.
       ``(3) Acceptable conditions.--A firm offer of credit or 
     insurance to a consumer may be further conditioned on--
       ``(A) verification that the consumer continues to meet the 
     specific criteria used to select the consumer for the offer, 
     by using information in a consumer report on the consumer, 
     information in the application of the consumer for the credit 
     or insurance, or other information bearing on the credit 
     worthiness or insurability of the consumer;
       ``(B) the consumer furnishing any collateral that is a 
     requirement for the extension of the credit or insurance that 
     was--
       ``(i) established before selection of the consumer for the 
     offer of credit or insurance; and
       ``(ii) disclosed to the consumer in the offer of credit or 
     insurance; or
       ``(C) any combination of the criteria in subparagraphs (A) 
     and (B).''.
                                 ______
                                 
  SA 1078. Mr. MENENDEZ submitted an amendment intended to be proposed 
to amendment SA 1058 proposed by Mr.

[[Page S5386]]

Dodd (for himself and Mr. Shelby) to the bill 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, and for other purposes; which was ordered to lie on the table; as 
follows:

       At the end of title I, add the following:

     SEC. 109. VERIFICATION OF ABILITY TO PAY.

       Section 127 of the Truth in Lending Act (15 U.S.C. 1637) is 
     amended by adding at the end the following:
       ``(p) Verification of Ability to Pay.--
       ``(1) In general.--A card issuer may not open any credit 
     card account for any consumer under an open end consumer 
     credit plan, or increase any credit limit applicable to such 
     an account, unless the card issuer has determined, at the 
     time at which the account is opened or the credit limit 
     increased, as applicable, that the consumer will be able to 
     make the scheduled payments under the terms of the 
     transaction, based on a consideration of the current and 
     expected income, current obligations, and employment status 
     of the consumer.
       ``(2) Regulations.--The Board shall prescribe, by 
     regulation, the appropriate formula for determining the 
     ability of a consumer to pay, and the criteria to be 
     considered in making any such determination, for purposes of 
     this subsection.''.
       On page 36, line 21, strike ``(p)'' and insert ``(q)''.
                                 ______
                                 
  SA 1079. Ms. LANDRIEU (for herself, Ms. Snowe, Mr. Cardin, Mrs. 
Shaheen, and Mr. Brown) submitted an amendment intended to be proposed 
to amendment SA 1058 proposed by Mr. Dodd (for himself and Mr. Shelby) 
to the bill 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, and for other purposes; which 
was ordered to lie on the table; as follows:

       At the end of title V, add the following:

     SEC. 503. EXTENDING TILA CREDIT CARD PROTECTIONS TO SMALL 
                   BUSINESSES.

       (a) Definition of Consumer.--Section 103(h) of the Truth in 
     Lending Act (15 U.S.C. 1602(h)) is amended--
       (1) by inserting ``(1)'' after ``(h)''; and
       (2) by adding at the end the following:
       ``(2) For purposes of any provision of this title relating 
     to a credit card account under an open end credit plan, the 
     term `consumer' includes any business concern having 50 or 
     fewer employees, whether or not the credit account is in the 
     name of the business entity or an individual, or whether or 
     not a subject credit transaction is for business or personal 
     purposes.''.
       (b) Amendment to Exemptions.--
       (1) In general.--Section 104 of the Truth in Lending Act 
     (15 U.S.C. 1603) is amended--
       (A) in paragraph (1), by inserting after ``agricultural 
     purposes'' the following: ``(other than a credit transaction 
     under an open end credit plan in which the consumer is a 
     small business having 50 or fewer employees)''; and
       (B) in paragraph (4), by striking ``$25,000'' and inserting 
     ``$50,000''.
       (2) Business credit card provision.--Section 135 of the 
     Truth in Lending Act (15 U.S.C. 1645) is amended by inserting 
     after ``does not apply'' the following: ``with respect to any 
     provision of this title relating to a credit card account 
     under an open end credit plan in which the consumer is a 
     small business having 50 or fewer employees or''.
                                 ______
                                 
  SA 1080. Mrs. FEINSTEIN (for herself and Mr. Gregg) submitted an 
amendment intended to be proposed to amendment SA 1058 proposed by Mr. 
Dodd (for himself and Mr. Shelby) to the bill 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, and for other purposes; which was ordered to lie on the table; as 
follows:

       At the end of the amendment, add the following:

     SEC. 503. STUDY AND REPORT ON EMERGENCY PIN TECHNOLOGY.

       (a) In General.--The Federal Trade Commission, in 
     consultation with the Attorney General of the United States 
     and the United States Secret Service, shall conduct a study 
     on the cost-effectiveness of making available at automated 
     teller machines technology that enables a consumer that is 
     under duress to electronically alert a local law enforcement 
     agency that an incident is taking place at such automated 
     teller machine, including--
       (1) an emergency personal identification number that would 
     summon a local law enforcement officer to an automated teller 
     machine when entered into such automated teller machine; and
       (2) a mechanism on the exterior of an automated teller 
     machine that, when pressed, would summon a local law 
     enforcement to such automated teller machine.
       (b) Contents of Study.--The study required under subsection 
     (a) shall include--
       (1) an analysis of any technology described in subsection 
     (a) that is currently available or under development;
       (2) an estimate of the number and severity of any crimes 
     that could be prevented by the availability of such 
     technology;
       (3) the estimated costs of implementing such technology; 
     and
       (4) a comparison of the costs and benefits of not fewer 
     than 3 types of such technology.
       (c) Report.--Not later than 9 months after the date of 
     enactment of this Act, the Federal Trade Commission shall 
     submit to Congress a report on the findings of the study 
     required under this section that includes such 
     recommendations for legislative action as the Commission 
     determines appropriate.
                                 ______
                                 
  SA 1081. Mr. KOHL submitted an amendment intended to be proposed to 
amendment SA 1058 proposed by Mr. Dodd (for himself and Mr. Shelby) to 
the bill 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, and for other purposes; which was 
ordered to lie on the table; as follows:

       At the end of title III, add the following:

     SEC. 304. FINANCIAL EDUCATION COURSES AT COLLEGES AND 
                   UNIVERSITIES.

       Section 140 of the Truth in Lending Act is amended by 
     adding at the end the following:
       ``(f) Financial Education Courses at Covered Educational 
     Institutions.--
       ``(1) Courses required.--Any financial institution that 
     markets a credit card on the campus of a covered educational 
     institution, or at an event sponsored by a covered 
     educational institution, shall provide not fewer than 2 
     financial education courses each academic year that are open 
     to any student of such institution.
       ``(2) Guidelines for courses.--The Deputy Assistant 
     Secretary for Financial Education shall issue guidelines for 
     financial institutions regarding the content of the financial 
     education courses required under paragraph (1).
       ``(3) Agreements to provide courses.--The Deputy Assistant 
     Secretary for Financial Education may approve any agreement 
     between a financial institution and a nonprofit organization 
     for the purpose of providing the financial education courses 
     required under paragraph (1), as the Deputy Assistant 
     Secretary determines appropriate.
       ``(4) Report required.--Each financial institution required 
     to provide financial education courses under paragraph (1) 
     shall submit an annual report to the Deputy Assistant 
     Secretary for Financial Education that contains the date, 
     location, and time at which each such course was provided.''.
                                 ______
                                 
  SA 1082. Mr. KOHL submitted an amendment intended to be proposed to 
amendment SA 1058 proposed by Mr. Dodd (for himself and Mr. Shelby) to 
the bill 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, and for other purposes; which was 
ordered to lie on the table; as follows:

       At the end of title V, add the following:

     SEC. 503. STUDY AND REPORT ON THE MARKETING OF PRODUCTS WITH 
                   CREDIT OFFERS.

       (a) Study.--The Comptroller General of the United States 
     shall conduct a study on the terms, conditions, marketing, 
     and value to consumers of products marketed in conjunction 
     with credit card offers, including--
       (1) debt suspension agreements;
       (2) debt cancellation agreements; and
       (3) credit insurance products.
       (b) Areas of Concern.--The study conducted under this 
     section shall evaluate--
       (1) the suitability of the offer of products described in 
     subsection (a) for target customers;
       (2) the predatory nature of such offers; and
       (3) specifically for debt cancellation or suspension 
     agreements and credit insurance products, loss rates compared 
     to more traditional insurance products.
       (c) Report to Congress.--The Comptroller shall submit a 
     report to Congress on the results of the study required by 
     this section not later than December 31, 2010.
                                 ______
                                 
  SA 1083. Ms. SNOWE (for herself and Ms. Landrieu) submitted an 
amendment intended to be proposed by her to the bill 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, and for other purposes; which was ordered to lie on the table; as 
follows:

       At the appropriate place, insert the following:

     SEC. ___. SMALL BUSINESS INFORMATION SECURITY TASK FORCE.

       (a) Definitions.--In this section--
       (1) the terms ``Administration'' and ``Administrator'' mean 
     the Small Business Administration and the Administrator 
     thereof, respectively;
       (2) the term ``small business concern'' has the same 
     meaning as in section 3 of the Small Business Act (15 U.S.C. 
     632); and
       (3) the term ``task force'' means the task force 
     established under subsection (b).
       (b) Establishment.--The Administrator shall establish a 
     task force, to be known as the Small Business Information 
     Security

[[Page S5387]]

     Task Force, to address the information technology security 
     needs of small business concerns and to help small business 
     concerns prevent the loss of credit card data.
       (c) Duties.--The task force shall--
       (1) identify--
       (A) the information technology security needs of small 
     business concerns; and
       (B) the programs and services provided by the Federal 
     Government, State Governments, and nongovernment 
     organizations that serve those needs;
       (2) assess the extent to which the programs and services 
     identified under paragraph (1)(B) serve the needs identified 
     under paragraph (1)(A);
       (3) make recommendations to the Administrator on how to 
     more effectively serve the needs identified under paragraph 
     (1)(A) through--
       (A) programs and services identified under paragraph 
     (1)(B); and
       (B) new programs and services promoted by the task force;
       (4) make recommendations on how the Administrator may 
     promote--
       (A) new programs and services that the task force 
     recommends under paragraph (3)(B); and
       (B) programs and services identified under paragraph 
     (1)(B);
       (5) make recommendations on how the Administrator may 
     inform and educate with respect to--
       (A) the needs identified under paragraph (1)(A);
       (B) new programs and services that the task force 
     recommends under paragraph (3)(B); and
       (C) programs and services identified under paragraph 
     (1)(B);
       (6) make recommendations on how the Administrator may more 
     effectively work with public and private interests to address 
     the information technology security needs of small business 
     concerns; and
       (7) make recommendations on the creation of a permanent 
     advisory board that would make recommendations to the 
     Administrator on how to address the information technology 
     security needs of small business concerns.
       (d) Internet Website Recommendations.--The task force shall 
     make recommendations to the Administrator relating to the 
     establishment of an Internet website to be used by the 
     Administration to receive and dispense information and 
     resources with respect to the needs identified under 
     subsection (c)(1)(A) and the programs and services identified 
     under subsection (c)(1)(B). As part of the recommendations, 
     the task force shall identify the Internet sites of 
     appropriate programs, services, and organizations, both 
     public and private, to which the Internet website should 
     link.
       (e) Education Programs.--The task force shall make 
     recommendations to the Administrator relating to developing 
     additional education materials and programs with respect to 
     the needs identified under subsection (c)(1)(A).
       (f) Existing Materials.--The task force shall organize and 
     distribute existing materials that inform and educate with 
     respect to the needs identified under subsection (c)(1)(A) 
     and the programs and services identified under subsection 
     (c)(1)(B).
       (g) Coordination With Public and Private Sector.--In 
     carrying out its responsibilities under this section, the 
     task force shall coordinate with, and may accept materials 
     and assistance as it determines appropriate from, public and 
     private entities, including--
       (1) any subordinate officer of the Administrator;
       (2) any organization authorized by the Small Business Act 
     to provide assistance and advice to small business concerns;
       (3) other Federal agencies, their officers, or employees; 
     and
       (4) any other organization, entity, or person not described 
     in paragraph (1), (2), or (3).
       (h) Appointment of Members.--
       (1) Chairperson and vice-chairperson.--The task force shall 
     have--
       (A) a Chairperson, appointed by the Administrator; and
       (B) a Vice-Chairperson, appointed by the Administrator, in 
     consultation with appropriate nongovernmental organizations, 
     entities, or persons.
       (2) Members.--
       (A) Chairperson and vice-chairperson.--The Chairperson and 
     the Vice-Chairperson shall serve as members of the task 
     force.
       (B) Additional members.--
       (i) In general.--The task force shall have additional 
     members, each of whom shall be appointed by the Chairperson, 
     with the approval of the Administrator.
       (ii) Number of members.--The number of additional members 
     shall be determined by the Chairperson, in consultation with 
     the Administrator, except that--

       (I) the additional members shall include, for each of the 
     groups specified in paragraph (3), at least 1 member 
     appointed from within that group; and
       (II) the number of additional members shall not exceed 13.

       (3) Groups represented.--The groups specified in this 
     paragraph are--
       (A) subject matter experts;
       (B) users of information technologies within small business 
     concerns;
       (C) vendors of information technologies to small business 
     concerns;
       (D) academics with expertise in the use of information 
     technologies to support business;
       (E) small business trade associations;
       (F) Federal, State, or local agencies engaged in securing 
     cyberspace; and
       (G) information technology training providers with 
     expertise in the use of information technologies to support 
     business.
       (4) Political affiliation.--The appointments under this 
     subsection shall be made without regard to political 
     affiliation.
       (i) Meetings.--
       (1) Frequency.--The task force shall meet at least 2 times 
     per year, and more frequently if necessary to perform its 
     duties.
       (2) Quorum.--A majority of the members of the task force 
     shall constitute a quorum.
       (3) Location.--The Administrator shall designate, and make 
     available to the task force, a location at a facility under 
     the control of the Administrator for use by the task force 
     for its meetings.
       (4) Minutes.--
       (A) In general.--Not later than 30 days after the date of 
     each meeting, the task force shall publish the minutes of the 
     meeting in the Federal Register and shall submit to 
     Administrator any findings or recommendations approved at the 
     meeting.
       (B) Submission to congress.--Not later than 60 days after 
     the date that the Administrator receives minutes under 
     subparagraph (A), the Administrator shall submit to the 
     Committee on Small Business and Entrepreneurship of the 
     Senate and the Committee on Small Business of the House of 
     Representatives such minutes, together with any comments the 
     Administrator considers appropriate.
       (5) Findings.--
       (A) In general.--Not later than the date on which the task 
     force terminates under subsection (m), the task force shall 
     submit to the Administrator a final report on any findings 
     and recommendations of the task force approved at a meeting 
     of the task force.
       (B) Submission to congress.--Not later than 90 days after 
     the date on which the Administrator receives the report under 
     subparagraph (A), the Administrator shall submit to the 
     Committee on Small Business and Entrepreneurship of the 
     Senate and the Committee on Small Business of the House of 
     Representatives the full text of the report submitted under 
     subparagraph (A), together with any comments the 
     Administrator considers appropriate.
       (j) Personnel Matters.--
       (1) Compensation of members.--Each member of the task force 
     shall serve without pay for their service on the task force.
       (2) Travel expenses.--Each member of the task force shall 
     receive travel expenses, including per diem in lieu of 
     subsistence, in accordance with applicable provisions under 
     subchapter I of chapter 57 of title 5, United States Code.
       (3) Detail of sba employees.--The Administrator may detail, 
     without reimbursement, any of the personnel of the 
     Administration to the task force to assist it in carrying out 
     the duties of the task force. Such a detail shall be without 
     interruption or loss of civil status or privilege.
       (4) SBA support of the task force.--Upon the request of the 
     task force, the Administrator shall provide to the task force 
     the administrative support services that the Administrator 
     and the Chairperson jointly determine to be necessary for the 
     task force to carry out its duties.
       (k) Not Subject to Federal Advisory Committee Act.--The 
     Federal Advisory Committee Act (5 U.S.C. App.) shall not 
     apply to the task force.
       (l) Startup Deadlines.--The initial appointment of the 
     members of the task force shall be completed not later than 
     90 days after the date of enactment of this Act, and the 
     first meeting of the task force shall be not later than 180 
     days after the date of enactment of this Act.
       (m) Termination.--
       (1) In general.--Except as provided in paragraph (2), the 
     task force shall terminate at the end of fiscal year 2013.
       (2) Exception.--If, as of the termination date under 
     paragraph (1), the task force has not complied with 
     subsection (i)(4) with respect to 1 or more meetings, then 
     the task force shall continue after the termination date for 
     the sole purpose of achieving compliance with subsection 
     (i)(4) with respect to those meetings.
       (n) Authorization of Appropriations.--There is authorized 
     to be appropriated to carry out this section $300,000 for 
     each of fiscal years 2010 through 2013.
                                 ______
                                 
  SA 1084. Mrs. GILLIBRAND submitted an amendment intended to be 
proposed to amendment SA 1058 proposed by Mr. Dodd (for himself and Mr. 
Shelby) to the bill 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, and for other purposes; 
which was ordered to lie on the table; as follows:

       At the end of title V, add the following:

     SEC. 503. CREDIT REPORTS IN CONSUMER'S NATIVE LANGUAGE.

       Section 612(a)(1) of the Fair Credit Reporting Act (15 
     U.S.C. 1681j(a)(1)) is amended by adding at the end the 
     following:
       ``(D) Native language requirement for non-english 
     speakers.--The disclosures required under this paragraph 
     shall be provided, upon request, to the extent possible, in 
     the native language of any consumer having limited ability to 
     read, write, speak, and

[[Page S5388]]

     understand English, subject to such limitations and in 
     accordance with such guidelines as shall be established by 
     the Commission, in consultation with the Federal Interagency 
     Working Group on Limited English Proficiency.''.
                                 ______
                                 
  SA 1085. Mr. GREGG submitted an amendment intended to be proposed to 
amendment SA 1058 proposed by Mr. Dodd (for himself and Mr. Shelby) to 
the bill 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, and for other purposes; as follows:

       At the appropriate place, insert the following:

     SEC. ___. ENHANCED TAXPAYER DISCLOSURE.

       (a) In General.--It shall not be in order to consider any 
     appropriations, direct spending, or revenue bill or joint 
     resolution reported by any committee unless the measure 
     contains a debt disclosure section setting forth debt 
     disclosures in the following form:

     ``SEC. ___. DEBT DISCLOSURE.

       ``(a) Current Debt.--The level of the current gross Federal 
     debt of the Nation is $_____.
       ``(b) Per Person.--The level of the current gross Federal 
     debt of the Nation per citizen is $_____.
       ``(c) Debt Increase With Passage of This Act.--Enactment of 
     this Act would cause the gross Federal debt of the Nation to 
     rise or fall to $_____. The new level of gross Federal debt 
     per citizen would equal $_____.
       ``(d) Definitions.--In this section, the term `gross 
     Federal debt' means the nominal levels of gross Federal debt 
     (debt subject to limit as set forth in the Budget Resolution) 
     as determined by the Bureau of Public Debt and published in 
     latest Monthly Treasury Statement, not debt as a percentage 
     of gross domestic product, and not levels relative to 
     baseline projections.''.
       (b) Supermajority Waiver and Appeal in the Senate.--
       (1) Waiver.--This section may be waived or suspended only 
     by the affirmative vote of three-fifths of the Members, duly 
     chosen and sworn.
       (2) Appeal.--An affirmative vote of three-fifths of the 
     Members, duly chosen and sworn, shall be required to sustain 
     an appeal of the ruling of the Chair on a point of order 
     raised under this section.

     SEC. __. ANNUAL NOTIFICATION OF PER TAXPAYER SHARE OF FEDERAL 
                   PUBLIC DEBT.

       (a) In General.--Chapter 77 of the Internal Revenue Code of 
     1986 is amended by adding at the end the following new 
     section:

     ``SEC. 7529. ANNUAL NOTIFICATION OF PER TAXPAYER SHARE OF 
                   FEDERAL PUBLIC DEBT.

       ``In the case of any booklet of instructions for Form 1040, 
     1040A, or 1040EZ prepared by the Secretary for filing 
     individual income tax returns for taxable years beginning in 
     any calendar year, the Secretary shall include in a prominent 
     place the per individual taxpayer share of the Federal public 
     debt determined on the last day of the preceding fiscal year 
     and using the most recent census data. The information 
     regarding such share of the Federal public debt shall also be 
     placed prominently on the Internal Revenue Service Internet 
     website.''.
       (b) Conforming Amendment.--The table of sections for such 
     chapter 77 is amended by adding at the end the following new 
     item:

``Sec. 7529. Annual notification of per taxpayer share of Federal 
              public debt.''.

     SEC. ___. NATIONAL DEBT CLOCK DISPLAYED ON GOVERNMENT 
                   WEBSITES.

       (a) Definition.--In this section:
       (1) Agency.--The term ``agency'' has the meaning given 
     under section 551(1) of title 5, United States Code.
       (2) Congressional website.--The term ``congressional 
     website'' means--
       (A) the website relating to the Senate maintained by the 
     Secretary of the Senate; and
       (B) the website relating to the House of Representatives 
     maintained by the Clerk of the House of Representatives.
       (b) National Debt Clock.--The website of each agency and 
     each congressional website shall include a national debt 
     clock that displays the national debt and the rate of the 
     increase in the national debt on a continuous basis.
                                 ______
                                 
  SA 1086. Mr. BUNNING submitted an amendment intended to be proposed 
to amendment SA 1058 proposed by Mr. Dodd (for himself and Mr. Shelby) 
to the bill 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, and for other purposes; which 
was ordered to lie on the table; as follows:

       At the end of title I, add the following:

     SEC. 109. EFFECTIVE DATE.

       Except as provided in sections 101(a)(2) and 106(b)(2), and 
     notwithstanding section 3 or any other provision of this Act 
     or the amendments made by this Act, this title and the 
     amendments made by this title shall become effective 9 months 
     after the date on which the Board provides written 
     certification to the Committee on Banking, Housing, and Urban 
     Affairs of the Senate and the Committee on Financial Services 
     of the House of Representatives that the provisions of this 
     title and the amendments made by this title will not reduce 
     the availability or increase the price of credit for 
     consumers or small businesses.
                                 ______
                                 
  SA 1087. Mr. MENENDEZ submitted an amendment intended to be proposed 
to amendment SA 1058 proposed by Mr. Dodd (for himself and Mr. Shelby) 
to the bill 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, and for other purposes; which 
was ordered to lie on the table; as follows:

       On page 14, strike lines 13 through 21 and insert the 
     following:
       ``(l) Limit on Fees Related to Method of Payment.--
       ``(1) In general.--With respect to a credit card account 
     under an open end consumer credit plan, the creditor may not 
     impose a separate fee to allow the obligor to repay an 
     extension of credit or finance charge if such repayment is 
     made by mail, electronic transfer, or other means, unless 
     such payment involves an expedited service by a service 
     representative of the creditor.
       ``(2) Special rule for telephone service.--
       ``(A) In general.--With respect to a credit card account 
     under an open end consumer credit plan, the creditor may not 
     impose a separate fee to allow the obligor to repay an 
     extension of credit or finance charge if such repayment is 
     made by telephone authorization, unless such payment involves 
     an expedited service by a service representative of the 
     creditor.
       ``(B) Alternative to expedited service.--Any creditor that 
     imposes a fee for repayment of an extension of credit by 
     telephone authorization involving expedited service by a 
     service representative of the creditor shall provide an 
     alternative method that allows repayment by telephone 
     authorization by the obligor without a separate fee.''.
                                 ______
                                 
  SA 1088. Mr. MENENDEZ submitted an amendment intended to be proposed 
to amendment SA 1058 proposed by Mr. Dodd (for himself and Mr. Shelby) 
to the bill 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, and for other purposes; which 
was ordered to lie on the table; as follows:

       On page 21, line 15, strike ``unless a statement'' and all 
     that follows through line 20 and insert ``unless--
       ``(1) a statement which includes the amount upon which the 
     finance charge for the period is based was mailed or 
     delivered to the consumer not later than 21 days before the 
     date specified in the statement by which payment must be made 
     in order to avoid imposition of that finance charge; and
       ``(2) a payment by the obligor was not--
       ``(A) postmarked at least 3 business days before the date 
     specified in the statement by which payment must be made in 
     order to avoid imposition of that finance charge; or
       ``(B) made by means of an electronic fund transfer 
     initiated on or before the date specified in the statement by 
     which payment must be made in order to avoid imposition of 
     that finance charge.''.
                                 ______
                                 
  SA 1089. Mr. DURBIN (for himself and Mrs. Boxer) submitted an 
amendment intended to be proposed by him to the bill 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, and for other purposes; which was ordered to lie on the table; as 
follows:

       At the end of the bill, add the following:

     SEC. 503. USURIOUS CREDIT RATES.

       (a) Findings.--Congress finds that--
       (1) attempts have been made to prohibit usurious interest 
     rates in America since colonial times;
       (2) at the State level, 15 States and the District of 
     Columbia have enacted broadly applicable usury laws that 
     protect borrowers from payday loans and many other forms of 
     high-cost credit, while 34 States and the District of 
     Columbia have limited annual interest rates to 36 percent or 
     less for 1 or more types of consumer credit;
       (3) at the Federal level, in 2006, Congress enacted a 
     Federal 36 percent annualized usury cap for service members 
     and their families for covered credit products, as defined by 
     the Department of Defense, which curbed payday, car title, 
     and tax refund lending around military bases;
       (4) notwithstanding such attempts to curb predatory 
     lending, high-cost lending persists in all 50 States due to 
     loopholes in State laws, safe harbor laws for specific forms 
     of credit, and the exportation of unregulated interest rates 
     permitted by preemption;
       (5) due to the lack of a comprehensive Federal usury cap, 
     consumers annually pay approximately $17,500,000,000 for 
     high-cost overdraft loans, as much as $8,600,000,000 for 
     storefront and online payday loans, and nearly $900,000,000 
     for tax refund anticipation loans;

[[Page S5389]]

       (6) cash-strapped consumers pay on average 400 percent 
     annual interest for payday loans, 300 percent annual interest 
     for car title loans, up to 3,500 percent for bank overdraft 
     loans, 50 to 500 percent annual interest for loans secured by 
     expected tax refunds, and higher than 50 percent annual 
     percentage interest for credit cards that charge junk fees;
       (7) a national maximum interest rate that includes all 
     forms of fees and closes all loopholes is necessary to 
     eliminate such predatory lending; and
       (8) alternatives to predatory lending that encourage small 
     dollar loans with minimal or no fees, installment payment 
     schedules, and affordable repayment periods should be 
     encouraged.
       (b) National Maximum Interest Rate.--Chapter 2 of the Truth 
     in Lending Act (15 U.S.C. 1631 et seq.) is amended by adding 
     at the end the following:

     ``SEC. 140A. MAXIMUM RATES OF INTEREST.

       ``(a) In General.--Notwithstanding any other provision of 
     law, no creditor may make an extension of credit to a 
     consumer with respect to which the fee and interest rate, as 
     defined in subsection (b), exceeds 36 percent.
       ``(b) Fee and Interest Rate Defined.--
       ``(1) In general.--For purposes of this section, the fee 
     and interest rate includes all charges payable, directly or 
     indirectly, incident to, ancillary to, or as a condition of 
     the extension of credit, including--
       ``(A) any payment compensating a creditor or prospective 
     creditor for--
       ``(i) an extension of credit or making available a line of 
     credit, including fees connected with credit extension or 
     availability such as numerical periodic rates, annual fees, 
     cash advance fees, and membership fees; or
       ``(ii) any fees for default or breach by a borrower of a 
     condition upon which credit was extended, such as late fees, 
     creditor-imposed not sufficient funds fees charged when a 
     borrower tenders payment on a debt with a check drawn on 
     insufficient funds, overdraft fees, and over limit fees;
       ``(B) all fees which constitute a finance charge, as 
     defined by rules of the Board in accordance with this title;
       ``(C) credit insurance premiums, whether optional or 
     required; and
       ``(D) all charges and costs for ancillary products sold in 
     connection with or incidental to the credit transaction.
       ``(2) Tolerances.--
       ``(A) In general.--With respect to a credit obligation that 
     is payable in at least 3 fully amortizing installments over 
     at least 90 days, the term `fee and interest rate' does not 
     include--
       ``(i) application or participation fees that in total do 
     not exceed the greater of $30 or, if there is a limit to the 
     credit line, 5 percent of the credit limit, up to $120, if--

       ``(I) such fees are excludable from the finance charge 
     pursuant to section 106 and regulations issued thereunder;
       ``(II) such fees cover all credit extended or renewed by 
     the creditor for 12 months; and
       ``(III) the minimum amount of credit extended or available 
     on a credit line is equal to $300 or more;

       ``(ii) a late fee charged as authorized by State law and by 
     the agreement that does not exceed either $20 per late 
     payment or $20 per month; or
       ``(iii) a creditor-imposed not sufficient funds fee charged 
     when a borrower tenders payment on a debt with a check drawn 
     on insufficient funds that does not exceed $15.
       ``(B) Adjustments for inflation.--The Board may adjust the 
     amounts of the tolerances established under this paragraph 
     for inflation over time, consistent with the primary goals of 
     protecting consumers and ensuring that the 36 percent fee and 
     interest rate limitation is not circumvented.
       ``(c) Calculations.--
       ``(1) Open end credit plans.--For an open end credit plan--
       ``(A) the fee and interest rate shall be calculated each 
     month, based upon the sum of all fees and finance charges 
     described in subsection (b) charged by the creditor during 
     the preceding 1-year period, divided by the average daily 
     balance; and
       ``(B) if the credit account has been open less than 1 year, 
     the fee and interest rate shall be calculated based upon the 
     total of all fees and finance charges described in subsection 
     (b)(1) charged by the creditor since the plan was opened, 
     divided by the average daily balance, and multiplied by the 
     quotient of 12 divided by the number of full months that the 
     credit plan has been in existence.
       ``(2) Other credit plans.--For purposes of this section, in 
     calculating the fee and interest rate, the Board shall 
     require the method of calculation of annual percentage rate 
     specified in section 107(a)(1), except that the amount 
     referred to in that section 107(a)(1) as the `finance charge' 
     shall include all fees, charges, and payments described in 
     subsection (b)(1).
       ``(3) Adjustments authorized.--The Board may make 
     adjustments to the calculations in paragraphs (1) and (2), 
     but the primary goals of such adjustment shall be to protect 
     consumers and to ensure that the 36 percent fee and interest 
     rate limitation is not circumvented.
       ``(d) Definition of Creditor.--As used in this section, the 
     term `creditor' has the same meaning as in section 702(e) of 
     the Equal Credit Opportunity Act (15 U.S.C. 1691a(e)).
       ``(e) No Exemptions Permitted.--The exemption authority of 
     the Board under section 105 shall not apply to the rates 
     established under this section or the disclosure requirements 
     under section 127(b)(6).
       ``(f) Disclosure of Fee and Interest Rate for Credit Other 
     Than Open End Credit Plans.--In addition to the disclosure 
     requirements under section 127(b)(6), the Board may prescribe 
     regulations requiring disclosure of the fee and interest rate 
     established under this section in addition to or instead of 
     annual percentage rate disclosures otherwise required under 
     this title.
       ``(g) Relation to State Law.--Nothing in this section may 
     be construed to preempt any provision of State law that 
     provides greater protection to consumers than is provided in 
     this section.
       ``(h) Civil Liability and Enforcement.--In addition to 
     remedies available to the consumer under section 130(a), any 
     payment compensating a creditor or prospective creditor, to 
     the extent that such payment is a transaction made in 
     violation of this section, shall be null and void, and not 
     enforceable by any party in any court or alternative dispute 
     resolution forum, and the creditor or any subsequent holder 
     of the obligation shall promptly return to the consumer any 
     principal, interest, charges, and fees, and any security 
     interest associated with such transaction. Notwithstanding 
     any statute of limitations or repose, a violation of this 
     section may be raised as a matter of defense by recoupment or 
     setoff to an action to collect such debt or repossess related 
     security at any time.
       ``(i) Violations.--Any person that violates this section, 
     or seeks to enforce an agreement made in violation of this 
     section, shall be subject to, for each such violation, up to 
     1 year in prison and a fine of not more than the greater of--
       ``(1) 3 times the amount of the total accrued debt 
     associated with the subject transaction; or
       ``(2) $50,000.
       ``(j) State Attorneys General.--An action to enforce this 
     section may be brought by the appropriate State attorney 
     general in any United States district court or any other 
     court of competent jurisdiction within 3 years from the date 
     of the violation, and such attorney general may obtain 
     injunctive relief.''.
       (c) Disclosure of Fee and Interest Rate for Open End Credit 
     Plans.--Section 127(b)(6) of the Truth in Lending Act (15 
     U.S.C. 1637(b)(6)) is amended by striking ``the total finance 
     charge expressed'' and all that follows through the end of 
     the paragraph and inserting ``the fee and interest rate, 
     displayed as `FAIR', established under section 140A.''.
                                 ______
                                 
  SA 1090. Mr. DURBIN (for himself, Mr. Kennedy, Mr. Schumer, and Mr. 
Sanders) submitted an amendment intended to be proposed by him to the 
bill 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, and for other purposes; which was ordered to 
lie on the table; as follows:

       At the end of the bill, add the following:

     SEC. 503. ESTABLISHMENT OF FINANCIAL PRODUCT SAFETY 
                   COMMISSION.

       (a) Findings.--Congress finds that--
       (1) the Nation's multiagency financial services regulatory 
     structure has created a dispersion of regulatory 
     responsibility, which in turn has led to an inadequate focus 
     on protecting consumers from inappropriate consumer financial 
     products and practices;
       (2) the absence of appropriate oversight has allowed 
     excessively costly or predatory consumer financial products 
     and practices to flourish; and
       (3) the creation of a regulator whose sole focus is the 
     safety of consumer financial products would help address this 
     lack of consumer protection.
       (b) Definitions.--For purposes of this section--
       (1) the terms ``Commission'', ``Chairperson'', and 
     ``Commissioner'' mean the Financial Product Safety Commission 
     established under this section and the Chairperson and any 
     Commissioner thereof, respectively;
       (2) the term ``consumer financial product'' includes--
       (A) any extension of credit, deposit account, payment 
     mechanism, or other product or service within the scope of--
       (i) the Truth in Savings Act (12 U.S.C. 4301 et seq.);
       (ii) the Consumer Credit Protection Act (15 U.S.C. 1601 et 
     seq.); or
       (iii) article 3 (relating to negotiable instruments) or 
     article 4 (relating to bank deposits) of the Uniform 
     Commercial Code, as in effect in any State;
       (B) any other extension of credit, deposit account, or 
     payment mechanism; and
       (C) any ancillary product, practice, or transaction;
       (3) the term ``appropriate committees of Congress'' means 
     the Committee on Banking, Housing, and Urban Affairs and the 
     Subcommittee on Financial Services and General Government of 
     the Committee on Appropriations of the Senate, and the 
     Committee on Financial Services and the Subcommittee on 
     Financial Services and General Government of the Committee on 
     Appropriations of the House of Representatives, and any 
     successor committees, as may be constituted;
       (4) the term ``consumer'' means any natural person and any 
     small business concern,

[[Page S5390]]

     as defined in section 3 of the Small Business Act (15 U.S.C. 
     632); and
       (5) the term ``credit'' has the same meaning as in section 
     103 of the Truth in Lending Act (15 U.S.C. 1602).
       (c) Establishment of Commission.--
       (1) Establishment; chairperson.--
       (A) Establishment.--There is established the ``Financial 
     Product Safety Commission'' which shall be an independent 
     establishment, as defined in section 104(1) of title 5, 
     United States Code.
       (B) Membership.--
       (i) In general.--The Commission shall be comprised of 5 
     commissioners, appointed by the President, by and with the 
     advice and consent of the Senate.
       (ii) Considerations.--In making appointments to the 
     Commission, the President shall consider individuals who, by 
     reason of their background and expertise in areas related to 
     consumer financial product safety, are qualified to serve as 
     members of the Commission.
       (C) Chairperson.--The Chairperson of the Commission shall 
     be appointed by the President, by and with the advice and 
     consent of the Senate, from among the members of the 
     Commission.
       (D) Removal.--Any Commissioner may be removed by the 
     President for neglect of duty or malfeasance in office, but 
     for no other cause.
       (2) Term; vacancies.--
       (A) In general.--Except as provided in subparagraph (B)--
       (i) the Commissioners first appointed under this section 
     shall be appointed for terms ending 3, 4, 5, 6, and 7 years, 
     respectively, after the date of enactment of this Act, the 
     term of each to be designated by the President at the time of 
     nomination; and
       (ii) each of their successors shall be appointed for a term 
     of 5 years from the date of the expiration of the term for 
     which the predecessor was appointed.
       (B) Limitations.--Any Commissioner appointed to fill a 
     vacancy occurring prior to the expiration of the term for 
     which the predecessor thereof was appointed shall be 
     appointed only for the remainder of such term. A Commissioner 
     may continue to serve after the expiration of such term until 
     a successor has taken office, except that such Commissioner 
     may not continue to serve more than 1 year after the date on 
     which the term of that Commissioner would otherwise expire 
     under this subsection.
       (3) Restrictions on outside activities.--
       (A) Political affiliation.--Not more than 3 Commissioners 
     may be affiliated with the same political party.
       (B) Conflicts of interest.--No individual may serve as a 
     Commissioner if that individual--
       (i) is in the employ of, holding any official relation to, 
     or married to any person engaged in selling or devising 
     consumer financial products;
       (ii) owns stock or bonds of substantial value in a person 
     so engaged;
       (iii) is in any other manner pecuniarily interested in a 
     person so engaged; or
       (iv) engages in any other business, vocation, or 
     employment.
       (4) Vacancies; quorum; seal; vice chairperson.--
       (A) Vacancies.--No vacancy on the Commission shall impair 
     the right of the remaining Commissioners to exercise all of 
     the powers of the Commission.
       (B) Quorum.--Three members of the Commission shall 
     constitute a quorum for the transaction of business, except 
     that--
       (i) if there are only 3 members serving on the Commission 
     because of vacancies on the Commission, 2 members of the 
     Commission shall constitute a quorum for the transaction of 
     business; and
       (ii) if there are only 2 members serving on the Commission 
     because of vacancies on the Commission, 2 members shall 
     constitute a quorum for the 6-month period (or the 1-year 
     period, if the 2 members are not affiliated with the same 
     political party) beginning on the date of the vacancy which 
     caused the number of Commissioners to decline to 2.
       (C) Seal.--The Commission shall have an official seal, of 
     which judicial notice shall be taken.
       (D) Vice chairperson.--The Commission shall annually elect 
     a Vice Chairperson to act in the absence or disability of the 
     Chairperson or in case of a vacancy in the office of the 
     Chairperson.
       (5) Offices.--The Commission shall maintain a principal 
     office and such field offices as it determines necessary, and 
     may meet and exercise any of its powers at any other place.
       (6) Functions of chairperson; request for appropriations.--
       (A) Duties.--The Chairperson shall be the principal 
     executive officer of the Commission, and shall exercise all 
     of the executive and administrative functions of the 
     Commission, including functions of the Commission with 
     respect to--
       (i) the appointment and supervision of personnel employed 
     by the Commission (and the Commission shall fix their 
     compensation at a level comparable to that for employees of 
     the Securities and Exchange Commission);
       (ii) the distribution of business among personnel appointed 
     and supervised by the Chairperson and among administrative 
     units of the Commission; and
       (iii) the use and expenditure of funds.
       (B) Governance.--In carrying out any of the functions of 
     the Chairperson under this subsection, the Chairperson shall 
     be governed by general policies of the Commission and by such 
     regulatory decisions, findings, and determinations as the 
     Commission may, by law, be authorized to make.
       (C) Requests for appropriations.--Requests or estimates for 
     regular, supplemental, or deficiency appropriations on behalf 
     of the Commission may not be submitted by the Chairperson 
     without the prior approval of a majority vote of the serving 
     members of the Commission.
       (7) Agenda and priorities; establishment and comments.--Not 
     later than 30 days before the beginning of each fiscal year, 
     the Commission shall establish an agenda for Commission 
     action under its jurisdiction and, to the extent feasible, 
     shall establish priorities for such actions. Before 
     establishing such agenda and priorities, the Commission shall 
     conduct a public hearing on the agenda and priorities, and 
     shall provide reasonable opportunity for the submission of 
     comments.
       (d) Objectives and Responsibilities.--
       (1) Objectives.--The objectives of the Commission are--
       (A) to minimize unreasonable consumer risk associated with 
     buying and using consumer financial products;
       (B) to prevent and eliminate practices that lead consumers 
     to incur unreasonable, inappropriate, or excessive debt, or 
     make it difficult for consumers to repay existing debt, 
     including practices or product features that are abusive, 
     fraudulent, unfair, deceptive, predatory, anticompetitive, or 
     otherwise inconsistent with consumer protection;
       (C) to promote practices that assist and encourage 
     consumers to use credit and consumer financial products 
     responsibly, avoid excessive debt, and avoid unnecessary or 
     excessive charges derived from or associated with consumer 
     financial products;
       (D) to ensure that providers of consumer financial products 
     provide credit based on the ability of the consumer to repay 
     the debt incurred;
       (E) to ensure that consumer credit history is maintained, 
     reported, and used fairly and accurately;
       (F) to maintain strong privacy protections for consumer 
     transactions, credit history, and other personal information 
     associated with the use of consumer financial products;
       (G) to collect, investigate, resolve, and inform the public 
     about consumer complaints regarding consumer financial 
     products;
       (H) to ensure a fair resolution of consumer disputes 
     regarding consumer financial products; and
       (I) to take such other steps as are reasonable to protect 
     users of consumer financial products.
       (2) Responsibilities.--The Commission shall--
       (A) promulgate consumer financial product safety rules 
     that--
       (i) ban abusive, fraudulent, unfair, deceptive, predatory, 
     anticompetitive, or otherwise anticonsumer practices, 
     products, or product features;
       (ii) place reasonable restrictions on consumer financial 
     products, practices, or product features to reduce the 
     likelihood that they may be provided in a manner that is 
     inconsistent with the objectives specified in paragraph (1); 
     and
       (iii) establish requirements for such clear and adequate 
     warnings or other information, and the form and manner of 
     delivery of such warnings or other information, as may be 
     appropriate to advance the objectives specified in paragraph 
     (1);
       (B) establish and maintain a best practices guide for all 
     providers of consumer financial products;
       (C) conduct such continuing studies and investigations of 
     consumer financial products and industry practices as it 
     determines necessary;
       (D) award grants or enter into contracts for the conduct of 
     such studies and investigations with any person (including a 
     governmental entity), as necessary to advance the objectives 
     specified in paragraph (1);
       (E) following publication of a rule, assist public and 
     private organizations or groups of consumer financial product 
     providers, administratively and technically, in the 
     development of safety standards or guidelines that would 
     assist such providers in complying with such rule;
       (F) comment on selected rulemakings of departments and 
     agencies designated in subsection (e)(4) affecting consumer 
     financial products; and
       (G) establish and operate a consumer financial product 
     customer hotline which consumers can call to register 
     complaints and receive information on how to combat 
     anticonsumer products or practices.
       (e) Coordination of Enforcement.--
       (1) In general.--Notwithstanding any concurrent or similar 
     authority of any other agency, the Commission shall enforce 
     the requirements of this section.
       (2) Rule of construction.--The authority granted to the 
     Commission to make and enforce rules under this section shall 
     not be construed to impair the authority of any other Federal 
     department or agency to make and enforce rules under any 
     other provision of law, provided that any portion of any rule 
     promulgated by any other such department or agency that 
     conflicts with a rule promulgated by the Commission and that 
     is less protective of consumers than the rule promulgated by 
     the Commission shall be superseded by the rule promulgated by 
     the Commission, to the extent of the conflict. Any portion of 
     any rule promulgated by any

[[Page S5391]]

     other such department or agency that is not superseded by a 
     rule promulgated by the Commission shall remain in force 
     without regard to this section.
       (3) Agency authority.--Any department or agency designated 
     in paragraph (4) may exercise, for the purpose of enforcing 
     compliance with any requirement imposed under this section, 
     any authority conferred on such department or agency by any 
     other Act.
       (4) Designated departments and agencies.--The departments 
     and agencies designated in this subsection are--
       (A) the Board of Governors of the Federal Reserve System;
       (B) the Federal Deposit Insurance Corporation;
       (C) the Office of the Comptroller of the Currency;
       (D) the Office of Thrift Supervision;
       (E) the National Credit Union Administration;
       (F) the Federal Housing Finance Authority;
       (G) the Federal Housing Administration;
       (H) the Department of Housing and Urban Development;
       (I) the Federal Home Loan Bank Board;
       (J) the Federal Trade Commission; and
       (K) any successor to any department or agency referred to 
     in subparagraphs (A) through (J) as may be constituted.
       (5) Coordination of rulemaking.--Any department or agency 
     designated in paragraph (4) that engages in a rulemaking 
     affecting consumer financial products shall consult with the 
     Commission in the promulgation of such rules.
       (f) Authorities.--
       (1) Authority to conduct hearings or other inquiries.--
       (A) In general.--The Commission may, by one or more of its 
     members, or by such agents or agency as it may designate, 
     conduct any hearing or other inquiry necessary or appropriate 
     to its functions anywhere in the United States.
       (B) Member participation.--A Commissioner who participates 
     in a hearing or other inquiry described in subparagraph (A) 
     shall not be disqualified solely by reason of such 
     participation from subsequently participating in a decision 
     of the Commission in the same matter.
       (C) Notice required.--The Commission shall publish notice 
     of any proposed hearing in the Federal Register, and shall 
     afford a reasonable opportunity for interested persons to 
     present relevant testimony and data.
       (2) Commission powers; orders.--The Commission shall have 
     the power--
       (A) to require, by special or general orders, any person to 
     submit in writing such reports and answers to questions as 
     the Commission may prescribe to carry out a specific 
     regulatory or enforcement function of the Commission, and 
     such submission shall be made within such reasonable period 
     and under oath or otherwise as the Commission may determine, 
     and such order shall contain a complete statement of the 
     reasons that the Commission requires the report or answers 
     specified in the order to carry out a specific regulatory or 
     enforcement function of the Commission;
       (B) to administer oaths;
       (C) to require by subpoena the attendance and testimony of 
     witnesses and the production of all documentary evidence 
     relating to the execution of its duties;
       (D) in any proceeding or investigation to order testimony 
     to be taken by deposition before any person who is designated 
     by the Commission and has the power to administer oaths and, 
     in such instances, to compel testimony and the production of 
     evidence in the same manner as authorized under subparagraph 
     (C);
       (E) to pay witnesses the same fees and mileage costs as are 
     paid in like circumstances in the courts of the United 
     States;
       (F) to accept voluntary and uncompensated services relevant 
     to the performance of the duties of the Commission, 
     notwithstanding the provisions of section 1342 of title 31, 
     United States Code, and to accept voluntary and uncompensated 
     services (but not gifts) relevant to the performance of the 
     duties of the Commission, provided that any such services 
     shall not be from parties that have or are likely to have 
     business before the Commission;
       (G) to--
       (i) issue an order requiring compliance with applicable 
     legal requirements;
       (ii) issue a civil penalty order in accordance with 
     subsection (i)(2);
       (iii) initiate, prosecute, defend, intervene in, or appeal 
     (other than to the Supreme Court of the United States), 
     through its own legal representative and in the name of the 
     Commission, any civil action, if the Commission makes a 
     written request to the Attorney General of the United States 
     for representation in such civil action and the Attorney 
     General does not, within the 45-day period beginning on the 
     date on which such request was made, notify the Commission in 
     writing that the Attorney General will represent the 
     Commission in such civil action; and
       (iv) whenever the Commission obtains evidence that any 
     person has engaged in conduct that may constitute a violation 
     of Federal criminal law, including a violation of subsection 
     (h), transmit such evidence to the Attorney General of the 
     United States; and
       (H) to delegate any of its functions or powers, other than 
     the power to issue subpoenas under subparagraph (C), to any 
     officer or employee of the Commission.
       (3) Noncompliance with subpoena or commission order.--If a 
     person refuses to obey a subpoena or order of the Commission 
     issued under paragraph (2), the Commission (subject to 
     paragraph (2)(G)) or the Attorney General of the United 
     States may bring an action in the United States district 
     court for the district and division in which the inquiry is 
     carried out or any other appropriate United States district 
     court seeking an order requiring compliance with the subpoena 
     or order.
       (4) Disclosure of information.--No person shall be subject 
     to civil liability to any person (other than the Commission 
     or the United States) for disclosing information to the 
     Commission.
       (5) Customer and revenue data.--The Commission may, by 
     rule, require any provider of consumer financial products to 
     provide to the Commission such customer and revenue data as 
     may be required to carry out this section.
       (6) Purchase of consumer financial products by 
     commission.--For purposes of carrying out this section, the 
     Commission may purchase any consumer financial product and it 
     may require any provider of consumer financial products to 
     sell the product to the Commission at cost.
       (7) Contract authority.--The Commission is authorized to 
     enter into contracts with governmental entities, private 
     organizations, or individuals for the conduct of activities 
     authorized by this section.
       (8) Budget estimates and requests; legislative 
     recommendations; testimony; comments on legislation.--
       (A) Budget copies to congress.--Whenever the Commission 
     submits any budget estimate or request to the President or 
     the Office of Management and Budget, it shall concurrently 
     transmit a copy of that estimate or request to the 
     appropriate committees of Congress.
       (B) Legislative recommendation.--Whenever the Commission 
     submits any legislative recommendations, testimony, or 
     comments on legislation to the President or the Office of 
     Management and Budget, it shall concurrently transmit a copy 
     thereof to the appropriate committees of Congress. No officer 
     or agency of the United States shall have any authority to 
     require the Commission to submit its legislative 
     recommendations, testimony, or comments on legislation, to 
     any officer or agency of the United States for approval, 
     comments, or review, prior to the submission of such 
     recommendations, testimony, or comments to the appropriate 
     committees of Congress.
       (g) Collaboration With Federal and State Entities.--
       (1) Preemption.--Nothing in this section or any rule 
     promulgated under this section may be construed to annul, 
     alter, affect, or exempt any person from complying with the 
     laws of any State, except to the extent that those laws are 
     inconsistent with a consumer financial product safety rule 
     promulgated by the Commission, and then only to the extent of 
     the inconsistency. For purposes of this section, a State law 
     is not inconsistent with this section or a consumer financial 
     product safety rule, or the purposes of this section or such 
     rule, if the protection afforded by such State law to any 
     consumer is greater than the protection provided by this 
     section or such consumer financial product safety rule. 
     Nothing in this section or any rule promulgated under this 
     section precludes any remedy under State law to or on behalf 
     of a consumer.
       (2) Programs to promote federal-state cooperation.--
       (A) In general.--The Commission shall establish a program 
     to promote cooperation between the Federal Government and 
     State governments for purposes of carrying out this section.
       (B) Authorities.--In implementing the program under 
     subparagraph (A), the Commission may--
       (i) accept from any State or local authority engaged in 
     activities relating to consumer protection assistance in such 
     functions as data collection, investigation, and educational 
     programs, as well as other assistance in the administration 
     and enforcement of this section which such States or local 
     governments may be able and willing to provide and, if so 
     agreed, may pay in advance or otherwise for the reasonable 
     cost of such assistance; and
       (ii) commission any qualified officer or employee of any 
     State or local government agency as an officer of the 
     Commission for the purpose of conducting investigations.
       (3) Cooperation of federal departments and agencies.--The 
     Commission may obtain from any Federal department or agency 
     such statistics, data, program reports, and other materials 
     as it may determine necessary to carry out its functions 
     under this section. Each such department or agency shall 
     cooperate with the Commission and, to the extent permitted by 
     law, furnish such materials to the Commission. The Commission 
     and the heads of other departments and agencies engaged in 
     administering programs relating to consumer financial product 
     safety shall, to the maximum extent practicable, cooperate 
     and consult in order to ensure fully coordinated efforts.
       (h) Prohibited Acts.--It shall be unlawful for any person--
       (1) to advertise, offer, or attempt to enforce any 
     agreement, term, change in term, fee, or charge in connection 
     with any consumer financial product, or engage in any 
     practice, that is not in conformity with this section or an 
     applicable consumer financial product safety rule under this 
     section; or

[[Page S5392]]

       (2) to fail or refuse to permit access to or copying of 
     records, or fail or refuse to establish or maintain records, 
     or fail or refuse to make reports or provide information to 
     the Commission, as required under this section or any rule 
     under this section.
       (i) Enforcement.--
       (1) Criminal penalties.--
       (A) Knowing and willful violations.--Any person who 
     knowingly and willfully violates subsection (h) shall be 
     fined not more than $500,000, imprisoned not more than 1 
     year, or both for each such violation.
       (B) Executives and agents.--Any individual director, 
     officer, or agent of a business entity who knowingly and 
     willfully authorizes, orders, or performs any of the acts or 
     practices constituting in whole or in part a violation of 
     subsection (h) shall be subject to penalties under this 
     section, without regard to any penalties to which that person 
     may otherwise be subject.
       (2) Civil penalties.--
       (A) In general.--Any person who violates subsection (h) 
     shall be subject to a civil penalty in an amount established 
     under subparagraph (B). A violation of subsection (h) shall 
     constitute a separate civil offense with respect to each 
     consumer financial product transaction involved.
       (B) Publication of schedule of penalties.--Not later than 
     December 1, 2009, and December 1 of each fifth year 
     thereafter, the Commission shall prescribe and publish in the 
     Federal Register a schedule of the maximum authorized civil 
     penalty that shall apply for any violation of subsection (h) 
     that occurs on or after January 1 of the year immediately 
     following the date of such publication.
       (C) Relevant factors in determining amount of penalty.--In 
     determining the amount of any civil penalty in an action for 
     a violation of subsection (h), the Commission--
       (i) shall consider--

       (I) the nature of the consumer financial product;
       (II) the severity of the unreasonable risk to the consumer;
       (III) the number of products or services sold or 
     distributed;
       (IV) the occurrence or absence of consumer injury; and
       (V) the appropriateness of such penalty in relation to the 
     size of the business of the person charged; and

       (ii) shall ensure that penalties in each case are 
     sufficient to induce compliance by all regulated entities.
       (D) Compromise of penalty; deductions from penalty.--
       (i) In general.--Any civil penalty under this section may 
     be compromised by the Commission.
       (ii) Considerations.--In determining the amount of such 
     penalty or whether it should be remitted or mitigated and in 
     what amount, the Commission--

       (I) shall consider--

       (aa) the nature of the consumer financial product;
       (bb) the severity of the unreasonable risk to the consumer;
       (cc) the number of offending products or services sold;
       (dd) the occurrence or absence of consumer injury; and
       (ee) the appropriateness of such penalty to the size of the 
     business of the person charged; and

       (II) shall ensure that compromise penalties remain 
     sufficient to induce compliance by all regulated entities.

       (iii) Amount.--The amount of a penalty compromised under 
     this paragraph, when finally determined, or the amount agreed 
     on compromise, may be deducted from any sums owing by the 
     United States to the person charged.
       (3) Collection and use of penalties.--
       (A) Establishment of fund.--There is established within the 
     Treasury of the United States a fund, into which shall be 
     deposited all criminal and civil penalties collected under 
     this section.
       (B) Use of fund.--The fund established under this 
     subsection shall be used to defray the costs of the 
     operations of the Commission or, where appropriate, provide 
     restitution to harmed consumers.
       (4) Private enforcement.--
       (A) In general.--A person may bring a civil action for a 
     violation of subsection (h) for equitable relief and other 
     charges and costs in an amount equal to the sum of--
       (i) any actual damages sustained by such person as a result 
     of such violation, if actual damages resulted;
       (ii) twice the amount of any finance charge in connection 
     with the transaction, except that such liability shall not be 
     less than $1,000, such minimum to be adjusted on an annual 
     basis by the Commission based upon the consumer price index; 
     and
       (iii) reasonable attorney fees and costs.
       (B) Statute of limitations.--Any action under this 
     paragraph may be brought in any appropriate United States 
     district court, or in any other court of competent 
     jurisdiction, not later than 2 years after the date of the 
     discovery of the violation.
       (5) Rules of construction.--Nothing in this subsection bars 
     a person from asserting a violation of this section in an 
     action to collect a debt, or if foreclosure has been 
     initiated, as a matter of defense by recoupment or set-off. 
     An action under this subsection shall not be the basis for 
     removal of an action to a United States district court. 
     Neither this subsection nor any other provision of this 
     section preempts or otherwise displaces claims and remedies 
     available under State law, except as otherwise specifically 
     provided in this section.
       (6) State actions for violations.--
       (A) Authority of states.--In addition to such other 
     remedies as are provided under State law, if the chief law 
     enforcement officer of a State, or an official or agency 
     designated by a State, has reason to believe that any person 
     has violated or is violating subsection (h), the State--
       (i) may bring an action to enjoin such violation in any 
     appropriate United States district court or in any other 
     court of competent jurisdiction;
       (ii) may bring an action on behalf of the residents of the 
     State to recover--

       (I) damages for which the person is liable to such 
     residents under paragraph (4) as a result of the violation; 
     and
       (II) civil penalties, as established under paragraph (2); 
     and

       (iii) in the case of any successful action under clause (i) 
     or (ii), shall be awarded the costs of the action and 
     reasonable attorney fees, as determined by the court.
       (B) Rights of federal regulators.--
       (i) Notice of state action.--A State shall serve prior 
     written notice of any action under subparagraph (A) upon the 
     Commission and provide the Commission with a copy of its 
     complaint, except in any case in which such prior notice is 
     not feasible, in which case the State shall serve such notice 
     immediately upon instituting such action.
       (ii) Commission authorization.--Upon notice of an action 
     under clause (i), the Commission shall have the right--

       (I) to intervene in the action;
       (II) upon so intervening, to be heard on all matters 
     arising therein;
       (III) to remove the action to the appropriate United States 
     district court; and
       (IV) to file petitions for appeal.

       (C) Investigatory powers.--For purposes of bringing any 
     action under this subsection, nothing in this subsection or 
     in any other provision of Federal law shall prevent the chief 
     law enforcement officer of a State, or an official or agency 
     designated by a State, from exercising the powers conferred 
     on the chief law enforcement officer or such official by the 
     laws of such State to conduct investigations or to administer 
     oaths or affirmations or to compel the attendance of 
     witnesses or the production of documentary and other 
     evidence.
       (D) Limitation on state action while federal action 
     pending.--If the Commission has instituted a civil action or 
     an administrative action for a violation of subsection (h), a 
     State may not, during the pendency of such action, bring an 
     action under this section against any defendant named in the 
     complaint of the Commission for any violation of subsection 
     (h) that is alleged in that complaint.
       (j) Reports.--
       (1) Reports to the public.--The Commission shall determine 
     what reports should be produced and distributed to the public 
     on a recurring and ad hoc basis, and shall prepare and 
     publish such reports on a website that provides free access 
     to the general public.
       (2) Report to the president and congress.--
       (A) In general.--The Commission shall prepare and submit to 
     the President and the appropriate committees of Congress, at 
     the beginning of each regular session of Congress, a 
     comprehensive report on the administration of this section 
     for the preceding fiscal year.
       (B) Report content.--The reports required by this 
     subsection shall include--
       (i) a thorough appraisal, including statistical analyses, 
     estimates, and long-term projections, of the incidence and 
     effects of practices associated with the provision of 
     consumer financial products that are inconsistent with the 
     objectives specified in subsection (d)(1), with a breakdown, 
     insofar as practicable, among the various sources of injury, 
     as the Commission finds appropriate;
       (ii) a list of consumer financial product safety rules 
     prescribed or in effect during such year;
       (iii) an evaluation of the degree of observance of consumer 
     financial product safety rules, including a list of 
     enforcement actions, court decisions, and compromises of 
     civil penalties, by location and company name;
       (iv) a summary of outstanding problems confronting the 
     administration of this section, in order of priority;
       (v) an analysis and evaluation of public and private 
     consumer financial product safety research activities;
       (vi) a list, with a brief statement of the issues, of 
     completed or pending judicial actions under this section;
       (vii) the extent to which technical information was 
     disseminated to the research and consumer communities and 
     consumer information was made available to the public;
       (viii) the extent of cooperation between Commission 
     officials, representatives of the consumer financial products 
     industry, and other interested parties in the implementation 
     of this section, including a log or summary of meetings held 
     between Commission officials and representatives of industry 
     and other interested parties;
       (ix) an appraisal of significant actions of State and local 
     governments relating to the responsibilities of the 
     Commission;
       (x) such recommendations for additional legislation as the 
     Commission deems necessary to carry out this section; and
       (xi) the extent of cooperation with, and the joint efforts 
     undertaken by, the Commission

[[Page S5393]]

     in conjunction with other regulators with whom the Commission 
     shares responsibilities for consumer financial product 
     safety.
       (k) Authorization of Appropriations.--There are authorized 
     to be appropriated to the Commission for purposes of carrying 
     out this section such sums as may be necessary.
                                 ______
                                 
  SA 1091. Mr. CARDIN submitted an amendment intended to be proposed by 
him to the bill 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, and for other purposes; 
which was ordered to lie on the table; as follows:

       At the end, add the following:

     SEC. ___. BOARD REVIEW OF SMALL BUSINESS CREDIT PLANS AND 
                   REGULATIONS.

       (a) Required Review.--Not later than 6 months after the 
     effective date of this Act, the Board shall to conduct a 
     review of the use of credit cards by businesses with not more 
     than 500 employees (in this section referred to as ``small 
     businesses'') and the credit card market for small 
     businesses, including--
       (1) the terms of credit card agreements for small 
     businesses and the practices of credit card issuers relating 
     to small businesses;
       (2) the adequacy of disclosures of terms, fees, and other 
     expenses of credit card plans for small businesses;
       (3) the adequacy of protections against unfair or deceptive 
     acts or practices relating to credit card plans for small 
     businesses;
       (4) the cost and availability of credit for small 
     businesses, particularly with respect to non-prime borrowers;
       (5) the use of risk-based pricing for small businesses; and
       (6) credit card product innovation relating to small 
     businesses.
       (b) Solicitation of Public Comment.--In conducting the 
     review required by subsection (a), the Board shall solicit 
     comment from owners of small businesses, credit card issuers, 
     and other interested parties, such as through hearings or 
     written comments.
       (c) Regulations.--Following the review required by 
     subsection (a), the Board shall publish notice in the Federal 
     Register--
       (1) that summarizes the review, the comments received from 
     the public solicitation, and other evidence gathered by the 
     Board, such as through consumer testing or other research; 
     and
       (2) that--
       (A) proposes new or revised regulations or interpretations 
     to update or revise disclosures and protections for credit 
     cards for small businesses, as appropriate; or
       (B) states the reasons for any determination of the Board 
     that new or revised regulations are not proposed under 
     subparagraph (A).

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