[Congressional Record (Bound Edition), Volume 155 (2009), Part 9]
[Senate]
[Pages 12319-12324]
[From the U.S. Government Publishing Office, www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 1092. Mr. LEVIN (for himself and Mrs. McCaskill) 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 2, line 9, strike ``9 months'' and insert ``6 
     months''.
                                 ______
                                 
  SA 1093. Mr. LEVIN (for himself and Mrs. McCaskill) 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, lines 20 and 21, after ``creditor.'' insert the 
     following:
       ``(m) No Interest Charges on Fees.--With respect to a 
     credit card account under an open end consumer credit plan, 
     if the creditor imposes a transaction fee on the obligor, 
     including a cash advance fee, late fee, over-the-limit fee, 
     or balance transfer fee, the creditor may not impose or 
     collect interest with respect to such fee amount.''.
                                 ______
                                 
  SA 1094. Mr. LEVIN (for himself, Mrs. McCaskill, and Ms. Collins) 
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

[[Page 12320]]

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. __. STRENGTHEN CREDIT CARD INFORMATION COLLECTION.

       Section 136(b) of the Truth in Lending Act (15 U.S.C. 
     1646(b)) is amended--
       (1) in paragraph (1)--
       (A) by striking ``The Board shall'' and inserting the 
     following:
       ``(A) In general.--The Board shall'';
       (2) by adding at the end the following:
       ``(B) Information to be included.--The information under 
     subparagraph (A) shall include, for the relevant semiannual 
     period, the following information--
       ``(i) a list of each type of transaction or event during 
     the semiannual period for which one or more card issuer has 
     imposed a separate interest rate upon a cardholder, including 
     purchases, cash advances, and balance transfers;
       ``(ii) for each type of transaction or event identified 
     under clause (i)--

       ``(I) each distinct interest rate charged by the card 
     issuer to a cardholder during the semiannual period; and
       ``(II) the number of cardholders to whom each such interest 
     rate was applied during the last calendar month of the 
     semiannual period, and the total amount of interest charged 
     to such cardholders at each such rate during such month;

       ``(iii) a list of each type of fee that one or more card 
     issuer has imposed upon a cardholder during the semiannual 
     period, including any fee imposed for obtaining a cash 
     advance, making a late payment, exceeding the credit limit on 
     an account, making a balance transfer, or exchanging United 
     States dollars for foreign currency;
       ``(iv) for each type of fee identified under clause (iii), 
     the number of cardholders upon whom the fee was imposed 
     during each calendar month of the semiannual period, and the 
     total amount of fees imposed upon cardholders during such 
     month;
       ``(v) the total number of cardholders that incurred any 
     interest charge or any fee during the semiannual period; and
       ``(vi) any other information related to interest rates, 
     fees, or other charges that the Board deems of interest.''; 
     and
       (3) by adding at the end the following:
       ``(5) Report to congress.--The Board shall, on an annual 
     basis, transmit to Congress and make public a report 
     containing an assessment by the Board of the profitability of 
     credit card operations of depository institutions. Such 
     report shall include estimates by the Board of the 
     approximate, relative percentage of income derived by such 
     operations from--
       ``(A) the imposition of interest rates on cardholders, 
     including separate estimates for--
       ``(i) interest with an annual percentage rate of less than 
     25 percent, and
       ``(ii) interest with an annual percentage rate equal to or 
     greater than 25 percent;
       ``(B) the imposition of fees on cardholders;
       ``(C) the imposition of fees on merchants, and
       ``(D) any other material source of income, while specifying 
     the nature of that income.''.
                                 ______
                                 
  SA 1095. 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; which was 
ordered to lie on the table; as follows:

       On page 14, line 12, after ``transaction.'' insert the 
     following:
       ``(7) Restriction on fees charged for an over-the-limit 
     transaction.--With respect to a credit card account under an 
     open end consumer credit plan, an over-the-limit fee may be 
     imposed only once during a billing cycle if, on the last day 
     of such billing cycle, the credit limit on the account is 
     exceeded, and an over-the-limit fee, with respect to such 
     excess credit, may be imposed only once in each of the 2 
     subsequent billing cycles, unless the consumer has obtained 
     an additional extension of credit in excess of such credit 
     limit during any such subsequent cycle or the consumer 
     reduces the outstanding balance below the credit limit as of 
     the end of such billing cycle.''.
                                 ______
                                 
  SA 1096. Mr. LEVIN (for himself, Ms. Collins, and 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 34, between lines 9 and 10, insert the following:

     SEC. 205. PREVENTION OF DECEPTIVE MARKETING OF CREDIT 
                   REPORTS.

       Section 612 of the Fair Credit Reporting Act (15 U.S.C. 
     1681j) is amended by inserting after subsection (f) the 
     following:
       ``(g) Prevention of Deceptive Marketing of Credit 
     Reports.--
       ``(1) In general.--Any entity advertising free credit 
     reports in any medium must prominently disclose in each such 
     advertisement that--
       ``(A) the Fair Credit Reporting Act guarantees a consumer 
     access to a free credit report from each of the three 
     nationwide reporting agencies once every twelve months; and
       ``(B) AnnualCreditReport.com is the only authorized source 
     for a consumer to get a free annual credit report under 
     Federal law.
       ``(2) Television advertisements.--In the case of an 
     advertisement broadcast by television, the disclosures 
     required under paragraph (1) shall be included in the audio 
     or the audio and visual part of such advertisement.''.
                                 ______
                                 
  SA 1097. 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; which was 
ordered to lie on the table; as follows:

       At the end of title V, add the following new section:

     SEC. 503. STATUTE OF LIMITATIONS FOR DEBT COLLECTION.

       (a) Rules on Statute of Limitations.--
       (1) Proposed rule.--Not later than 1 year after the date of 
     enactment of this Act, the Chairman of the Federal Trade 
     Commission, in consultation with the Federal banking 
     regulators, shall publish a proposed rule in the Federal 
     Register establishing a statute of limitations for the 
     collection of debt associated with a credit card account 
     under an open end credit plan after the account has been 
     closed by the creditor or the cardholder (or the 
     representative thereof).
       (2) Final rule.--Not later than 18 months after the date of 
     enactment of this Act, the Chairman of the Federal Trade 
     Commission shall publish a final rule in the Federal Register 
     on the matter described in paragraph (1).
       (b) Contents.--The proposed and final rules issued under 
     subsection (a) shall, at a minimum--
       (1) establish a statute of limitations for--
       (A) the collection of funds from a cardholder responsible 
     for a closed credit card account described in subsection (a);
       (B) filing suit in a Federal, State, or local court to 
     collect debt associated with such a closed credit card 
     account; and
       (C) enforcing a court judgment to collect debt associated 
     with such a closed credit card account; and
       (2) establish when the statute of limitations on debt 
     associated with a closed credit card account described in 
     subsection (a) begins to run and, for purposes of court 
     proceedings, which party has the burden of proof to show 
     whether the statute of limitations has expired.
       (c) Applicability.--The final rule issued under this 
     section shall limit the right of any creditor to collect, 
     sell, or transfer debt associated with a credit card account 
     under an open end consumer credit plan after the account has 
     been closed by the creditor or the cardholder (or the 
     representative thereof).
       (d) Definitions.--For purposes of this section--
       (1) the terms ``credit card'', ``cardholder'', and ``open 
     end credit plan'' have the same meanings as in section 103 of 
     the Truth in Lending Act (15 U.S.C. 1602);
       (2) the term ``creditor'' includes--
       (A) a creditor, as that term is defined in section 103 of 
     the Truth in Lending Act (15 U.S.C. 1602); and
       (B) a debt collector, as that term is defined in section 
     803 of the Fair Debt Collection Practices Act (15 U.S.C. 
     1692a), whether or not such person is the original creditor 
     with respect to the subject obligation; and
       (3) the term ``Federal banking regulators'' means the Board 
     of Governors of the Federal Reserve System, the Office of the 
     Comptroller of the Currency, the Federal Deposit Insurance 
     Corporation, the Office of Thrift Supervision, and the 
     National Credit Union Administration.
                                 ______
                                 
  SA 1098. Mr. UDALL of New Mexico 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. ENHANCED DISCLOSURE OF ATM FEES.

       Section 127(b) of the Truth in Lending Act (15 U.S.C. 
     1637(b)) is amended by adding at the end the following:

[[Page 12321]]

       ``(13) The information required to be disclosed under 
     section 904(d)(3) with respect to automated teller machines 
     operated by or on behalf of the creditor, including all fees 
     associated with such transactions, both in and out of 
     network, listed in a conspicuous location on the billing 
     statement.''.
                                 ______
                                 
  SA 1099. Mrs. FEINSTEIN (for herself, Mr. Corker, Mr. Casey, Mr. 
Grassley, Mr. Kerry, 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; 
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) 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.''.

     SEC. 305. 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 1100. Mr. DURBIN (for himself and Mr. Bond) 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. CONSUMER DISCOUNTS; TRANSPARENCY IN MERCHANT FEE 
                   INFORMATION.

       (a) In General.--Section 167 of the Truth in Lending Act 
     (15 U.S.C. 1666f) is amended to read as follows:

     ``SEC. 167. INDUCEMENTS TO CARD HOLDERS BY SELLERS OF 
                   DISCOUNTS FOR PAYMENTS BY CASH, CHECK, OR DEBIT 
                   CARDS; FINANCE CHARGE FOR SALES TRANSACTIONS 
                   INVOLVING DISCOUNTS.

       ``(a) Cash, Check, and Debit Discounts.--With respect to a 
     credit card which may be used for extensions of credit in 
     sales transactions in which the seller is a person other than 
     the card issuer, the card issuer and any other covered person 
     may not, by contract, rule, or otherwise, prohibit any such 
     seller from offering a discount to a cardholder to induce the 
     cardholder to pay by cash, check, debit card, or similar 
     payment device, rather than by use of a credit card.
       ``(b) Finance Charge.--With respect to any sales 
     transaction, any discount from the regular price offered by 
     the seller for the purpose of inducing payment by a means not 
     involving the use of a particular open end credit plan or 
     credit card shall not constitute a finance charge, as 
     determined under section 106, if the seller--
       ``(1) offers the discount to all prospective buyers; and
       ``(2) discloses the availability of the discount to 
     consumers clearly and conspicuously.
       ``(c) Discount Display Restrictions.--With respect to a 
     credit card which may be used for extensions of credit in 
     sales transactions in which the seller is a person other than 
     the card issuer, the card issuer or any other covered person 
     may not, by contract, rule, or otherwise, restrict the 
     discretion of the seller as to how to display or advertise 
     the discounts offered by the seller.
       ``(d) Preferred Form of Payment.--A card issuer and any 
     other covered person may not, by contract, rule, or 
     otherwise, inhibit the ability of any seller to inform 
     consumers regarding the preference of the seller for payment 
     in the form of--
       ``(1) cash or similar means;
       ``(2) check or similar means;
       ``(3) debit card or similar device; or
       ``(4) credit card or similar device.
       ``(e) Violations.--It shall be a violation of this chapter, 
     enforceable as provided in section 108, for a card issuer or 
     any other covered person to promulgate, impose, or enforce 
     any fine, condition, or penalty on a seller or a cardholder, 
     or use any other

[[Page 12322]]

     means to prevent or limit any seller from offering a discount 
     pursuant to subsection (a), from setting or displaying 
     discounts pursuant to subsection (c), or from informing 
     consumers regarding a preferred form of payment pursuant to 
     subsection (d).
       ``(f) Definitions.--For purposes of this section--
       ``(1) the term `covered person' means--
       ``(A) an electronic payment system network;
       ``(B) a licensed member of an electronic payment system 
     network; and
       ``(C) any other person that sets or implements the rules 
     for the use of an electronic payment system network; and
       ``(2) the term `processing fee' means any fee that is--
       ``(A) charged by an electronic payment system network or a 
     licensed member of such network in connection with any aspect 
     of a transaction conducted between a consumer and a seller, 
     using a particular payment card bearing the logo of such 
     electronic payment system network; and
       ``(B) incurred by the seller.''.
       (b) Definitions.--Section 103 of the Truth in Lending Act 
     (15 U.S.C. 1602) is amended--
       (1) in subsection (x), by striking ``or similar means'' and 
     inserting ``debit card or similar payment device''; and
       (2) by adding at the end the following:
       ``(cc) Debit Card.--The term `debit card' means any 
     general-purpose card or other device issued or approved for 
     use by a financial institution (as that term is defined in 
     section 903 of the Electronic Fund Transfer Act (15 U.S.C. 
     1693a)) for use in debiting the account of a cardholder for 
     the purpose of that cardholder obtaining goods or services, 
     whether authorization is signature-based, PIN-based, or 
     otherwise.
       ``(dd) Electronic Payment System Network.--The term 
     `electronic payment system network' means a network that 
     provides, through licensed members, processors, or agents--
       ``(1) for the issuance of credit cards, debit cards, or 
     other payment cards or similar devices bearing any logo of 
     the network;
       ``(2) the proprietary services and infrastructure that 
     route information and data to facilitate transaction 
     authorization, clearance, and settlement that merchants must 
     access in order to accept credit cards, debit cards, or other 
     payment cards or similar devices bearing any logo of the 
     network as payment for goods and services; and
       ``(3) for the screening and acceptance of merchants into 
     the network in order to allow such merchants to accept credit 
     cards, debit cards, or other payment cards or similar devices 
     bearing any logo of the network as payment for goods and 
     services.
       ``(ee) Licensed Member.--The term `licensed member', in 
     connection with any electronic payment system network, 
     includes--
       ``(1) any creditor or credit card issuer that is authorized 
     to issue credit cards or charge cards bearing any logo of the 
     network;
       ``(2) any financial institution (as that term is defined in 
     section 903 of the Electronic Fund Transfer Act (15 U.S.C. 
     1693a)) that is authorized to issue debit cards to consumers 
     who maintain accounts at such financial institution; and
       ``(3) any person, including any financial institution, that 
     is authorized--
       ``(A) to screen and accept merchants into any program under 
     which any credit card, debit card, or other payment card or 
     similar device bearing any logo of such network may be 
     accepted by the merchant for payment for goods or services;
       ``(B) to process transactions on behalf of any such 
     merchant for payment; and
       ``(C) to complete financial settlement of any such 
     transaction on behalf of such merchant.''.
       (c) Transparency in Merchant Fee Information.--Chapter 1 of 
     the Truth in Lending Act (15 U.S.C. 1601 et seq.) is amended 
     by adding at the end the following:

     ``SEC. 115. TRANSPARENCY IN MERCHANT FEE INFORMATION.

       ``(a) Fee Information.--The Board shall collect, and shall 
     publish at least once every 2 years, in a form that is 
     provided to the Committee on Banking, Housing, and Urban 
     Affairs of the Senate and the Committee on Financial Services 
     of the House of Representatives, and is made available to the 
     public--
       ``(1) information on the processing fees, as such term is 
     defined in section 167, charged by electronic payment system 
     networks and licensed members of such networks in connection 
     with payment cards bearing any logo of such electronic 
     payment system networks; and
       ``(2) information on the rules, terms, and conditions to 
     which a merchant is subject under an agreement with an 
     electronic payment system network or a licensed member of 
     such network, directly or indirectly, by contract or through 
     a licensing arrangement for transactions initiated by 
     consumers using payment cards bearing any logo of such 
     electronic payment system network.
       ``(b) Purpose.--The purpose of the publication required 
     under subsection (a) is to regularly inform Congress, 
     businesses, and consumers regarding the types and amounts of 
     processing fees charged in connection with payment cards, and 
     the ways in which those types and amounts of fees change over 
     time.
       ``(c) Regulations.--For purposes of this section, the Board 
     may prescribe regulations and issue orders requiring any 
     electronic payment system network or licensed member of such 
     network to submit any information, including transaction and 
     fee data, rules, agreements, and contracts, that the Board 
     determines to be necessary or appropriate for the Board to 
     meet the requirements of subsection (a).
       ``(d) Confidential Information.--The Board shall exclude 
     from the publication required by subsection (a) any 
     information collected from an electronic payment system 
     network or a licensed member of such network which the Board 
     deems to be confidential, proprietary, or a trade secret, 
     such that public disclosure of the information would harm 
     competition and consumers.''.
                                 ______
                                 
  SA 1101. Mr. BURR 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 appropriate place, insert the following:

     SEC. __. PARENTAL ACCESS TO YOUNG CONSUMER CREDIT REPORTS.

       Section 610 of the Fair Credit Reporting Act (15 U.S.C. 
     1681h) is amended by adding at the end the following:
       ``(f) Parental Access.--Notwithstanding any other provision 
     of law, the parent or legal guardian of a consumer under the 
     age of 18 who is the dependent of that parent or legal 
     guardian, may request the disclosures required under section 
     609 with respect to that dependent, in accordance with this 
     section, subject to the provision by such person of--
       ``(1) proper identification as the parent or legal 
     guardian; and
       ``(2) proof of the dependent's age and relationship to that 
     person.''.
                                 ______
                                 
  SA 1102. 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 10, line 25, strike ``rule.''.'' and insert ``rule.
       ``(c) Universal Default.--In the case of any credit card 
     account under an open end consumer credit plan, no creditor 
     may increase any annual percentage rate, fee, or finance 
     charge applicable to that account, based solely on a change 
     in the credit risk of the consumer due to a single event 
     relating to another account or other obligation of the 
     consumer.''.
                                 ______
                                 
  SA 1103. Mr. UDALL of Colorado (for himself, Mr. Levin, Mr. 
Lieberman, Mr. Udall of New Mexico, Mrs. Gillibrand, Mr. Burris, and 
Mrs. Hagan) 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. 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 section 603(p) 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 1104. Mr. ISAKSON (for himself and Mr. Chambliss) submitted an 
amendment intended to be proposed to amendment SA 1084 submitted by 
Mrs. Gillibrand to the 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:

       Beginning on page 1, line 2, strike all through page 2, 
     line 9, and insert the following:

     SEC. 503. GAO STUDY AND REPORT ON FLUENCY IN THE ENGLISH 
                   LANGUAGE AND FINANCIAL LITERACY.

       (a) Study.--The Comptroller General of the United States 
     shall conduct a study examining--

[[Page 12323]]

       (1) the relationship between fluency in the English 
     language and financial literacy; and
       (2) the extent, if any, to which individuals whose native 
     language is a language other than English are impeded in 
     their conduct of their financial affairs.
       (b) Report.--Not later than 1 year after the date of 
     enactment of this Act, the Comptroller General of the United 
     States shall submit a report to the Committee on Banking, 
     Housing, and Urban Affairs of the Senate and the Committee on 
     Financial Services of the House of Representatives that 
     contains a detailed summary of the findings and conclusions 
     of the study required under subsection (a).
                                 ______
                                 
  SA 1105. Mr. SANDERS 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 2, line 9, strike ``9 months'' and insert ``3 
     months''.
                                 ______
                                 
  SA 1106. Mrs. MURRAY 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. FINANCIAL AND ECONOMIC LITERACY.

       (a) Report on Federal Financial and Economic Literacy 
     Education Programs.--
       (1) In general.--Not later than 180 days after the date of 
     enactment of this Act, the Secretary of Education and the 
     Director of the Office of Financial Education of the 
     Department of the Treasury shall coordinate with the 
     President's Advisory Council on Financial Literacy--
       (A) to evaluate and compile a comprehensive summary of all 
     existing Federal financial and economic literacy education 
     programs, as of the time of the report; and
       (B) to prepare and submit a report to Congress on the 
     findings of the evaluations.
       (2) Contents.--The report required by this subsection shall 
     address, at a minimum--
       (A) the 2008 recommendations of the President's Advisory 
     Council on Financial Literacy;
       (B) existing Federal financial and economic literacy 
     education programs for grades kindergarten through grade 12, 
     and annual funding to support these programs;
       (C) existing Federal postsecondary financial and economic 
     literacy education programs and annual funding to support 
     these programs;
       (D) the current financial and economic literacy education 
     needs of adults, and in particular, low- and moderate-income 
     adults;
       (E) ways to incorporate and disseminate best practices and 
     high quality curricula in financial and economic literacy 
     education; and
       (F) specific recommendations on sources of revenue to 
     support financial and economic literacy education activities 
     with a specific analysis of the potential use of credit card 
     transaction fees.
       (b) Strategic Plan.--
       (1) In general.--The Secretary of Education and the 
     Director of the Office of Financial Education of the 
     Department of the Treasury shall coordinate with the 
     President's Advisory Council on Financial Literacy to develop 
     a strategic plan to improve and expand financial and economic 
     literacy education.
       (2) Contents.--The plan developed under this subsection 
     shall--
       (A) incorporate findings from the report and evaluations of 
     existing Federal financial and economic literacy education 
     programs under subsection (a); and
       (B) include proposals to improve, expand, and support 
     financial and economic literacy education based on the 
     findings of the report and evaluations.
       (3) Presentation to congress.--The plan developed under 
     this subsection shall be presented to Congress not later than 
     90 days after the date that the report under subsection (a) 
     is submitted to Congress.
       (c) Effective Date.--Notwithstanding section 3, this 
     section shall become effective on the date of enactment of 
     this Act.
                                 ______
                                 
  SA 1107. Ms. COLLINS (for herself, Mr. Lieberman, and Mr. Burris) 
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 title V, add the following:

     SEC. 503. STORED VALUE CARDS.

       (a) Definitions.--Section 5312(a) of title 31, United 
     States Code, is amended--
       (1) in paragraph (2)(K), by inserting ``stored value 
     devices,'' after ``money orders,'';
       (2) in paragraph (3)(B), by striking ``; and'' at the end 
     and inserting ``, and stored value devices and any other 
     similar money transmitting devices;'';
       (3) in paragraph (3)(C), by striking the period at the end 
     and inserting ``; and'';
       (4) by adding at the end the following:
       ``(D) as the Secretary of the Treasury shall provide by 
     regulation for purposes of sections 5316 and 5331 of this 
     title, stored value devices, or other similar money 
     transmitting devices (as defined by regulation of the 
     Secretary for such purposes), unless the Secretary, in 
     coordination with the Secretary of Homeland Security, 
     determines that a particular device, based on other 
     applicable laws, is subject to additional security measures 
     that obviate the need for such regulations as it relates to 
     that device.''; and
       (5) by adding at the end the following new paragraph:
       ``(7) `Stored value' means funds or monetary value 
     represented in digital electronics format (whether or not 
     specially encrypted) and stored or capable of storage on 
     electronic media in such a way as to be retrievable and 
     transferable electronically.''.
       (b) Criminal Penalties.--Title 18, United States Code, is 
     amended--
       (1) in section 1956(c)(5)(i), by striking ``and money 
     orders, or'' and inserting ``money orders, stored value 
     devices, and any other similar money transmitting devices, 
     or''; and
       (2) in section 1960(b)--
       (A) in paragraph (1)(C), by inserting ``, including funds 
     on fraudulently issued stored value devices and funds on 
     stored value devices issued anonymously for the purpose of 
     evading monetary reporting requirements,'' after ``funds''; 
     and
       (B) in paragraph (2), by striking ``or courier'' and 
     inserting ``courier, or issuance, redemption, or sale of 
     stored value devices or other similar instruments''.
       (c) Money Transmitting Businesses.--Section 5330(d)(1)(A) 
     of title 31, United States Code, is amended by inserting 
     ``stored value devices,'' after ``travelers checks,''.
                                 ______
                                 
  SA 1108. Mrs. BOXER 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. REPORTS ON ISSUER PRACTICES DURING THE INTERIM 
                   PERIOD BETWEEN THE DATE OF ENACTMENT AND THE 
                   EFFECTIVE DATE.

       (a) Purpose.--The purpose of this section is to require 
     credit card issuers and the agencies that regulate such 
     issuers to report information on increases in consumer 
     interest rates and consumer complaints that occur during the 
     period between the date of enactment of this Act and the 
     effective date of this Act under section 3.
       (b) Reports to Agencies Required.--
       (1) In general.--Not later than 45 days after the date of 
     enactment of this Act, and every 45 days thereafter, each 
     card issuer shall submit to the appropriate enforcement 
     agency a report containing data on any increase in consumer 
     interest rates by the card issuer made on or after May 1, 
     2009.
       (2) Contents of reports.--The reports required under 
     paragraph (1)--
       (A) shall include--
       (i) the number of cardholders affected by each such 
     increase;
       (ii) the categories of cardholders affected by each such 
     increase;
       (iii) the size of each such increase;
       (iv) the reason for each such increase; and
       (v) a summary of the volume and nature of any complaints 
     received from cardholders concerning interest rate increases 
     that would be prohibited if such increases took place after 
     the effective date of this Act; and
       (B) need not include information on individually negotiated 
     changes to contractual terms, such as individually modified 
     workouts or renegotiations of amounts owed by a consumer 
     under an open end consumer credit plan.
       (c) Summary of Data on Complaints.--Each appropriate 
     enforcement agency shall--
       (1) summarize information on the volume and nature of any 
     complaints received by such agency from a consumer concerning 
     interest rate increases that would be prohibited if such 
     increases took place after the effective date of this Act; 
     and
       (2) provide such summary to the Board for purposes of 
     subsection (e).
       (d) Reports and Data Available to Public.--Each appropriate 
     enforcement agency shall make the reports and data required 
     under subsections (b) and (c) available to the public.
       (e) Reports to Congress.--
       (1) Reports required.--The Board shall submit to Congress 
     periodic reports on practices of creditors that contain a 
     compilation

[[Page 12324]]

     of the reports and data required under subsections (b) and 
     (c).
       (2) Agency cooperation.--Each appropriate enforcement 
     agency shall provide compilations of any reports it receives 
     under this section to the Board for purposes of this 
     subsection.
       (3) Timing of reports.--The Board shall submit the reports 
     required under paragraph (1) not later than 90 days after the 
     date of enactment of this Act, and every 90 days thereafter.
       (f) Effective Date.--Notwithstanding section 3 of this Act, 
     this section shall be effective during the period beginning 
     on the date of enactment of this Act and ending on the 
     effective date of this Act under section 3.
       (g) Definitions.--In this section--
       (1) the term ``appropriate enforcement agency'' means, with 
     respect to a card issuer, the agency responsible for 
     administrative enforcement relating to such card issuer under 
     section 108 of the Truth in Lending Act (15 U.S.C. 1607); and
       (2) the terms ``cardholder'', ``card issuer'', 
     ``consumer'', and ``open end credit plan'' have the same 
     meanings as section 103 of the Truth in Lending Act (15 
     U.S.C. 1602).
                                 ______
                                 
  SA 1109. Mr. ENSIGN 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. ___. PRESIDENTIAL DEBT REDUCTION PLAN.

       The President shall submit a comprehensive plan to Congress 
     for reducing Federal outlays for the current fiscal year by 
     at least one-half of 1 percent of total Federal outlays not 
     later than 15 days after the date the total outstanding gross 
     debt exceeds 95 percent of the amount of the statutory limit 
     on public debt (as set forth in section 3101 of title 31, 
     United States Code).
                                 ______
                                 
  SA 1110. Mr. AKAKA 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 27, strike line 3 and all that follows through page 
     30, line 12 and insert the following:
       (c) Guidelines Required.--
       (1) In general.--Not later than 6 months after the date of 
     enactment of this Act, the Board shall issue guidelines, by 
     rule, in consultation with the Secretary of the Treasury, for 
     the establishment and maintenance by creditors of a toll-free 
     telephone number for purposes of providing information about 
     accessing credit counseling and debt management services, as 
     required under section 127(b)(11)(B)(iv) of the Truth in 
     Lending Act, as added by this section.
       (2) Approved agencies.--Guidelines issued under this 
     subsection shall ensure that referrals provided by the toll-
     free number referred to in paragraph (1) include only those 
     nonprofit budget and credit counseling agencies approved by a 
     United States bankruptcy trustees pursuant to section 111(a) 
     of title 11, United States Code.

                          ____________________