CREDIT

Addresses

Pell Grant Program: Beth Macy, S2608 [11MR]

Amendments

Bankruptcy: reenact chapter 12 of bankruptcy code relative to family farmers (S. 1606), S11751, S11753 [30SE]

Colleges and universities: enhance protections against fraud in the offering of financial assistance for a college education (S. 1455), S14047 [4NO]

Analyses

College Scholarship Fraud Prevention Act (S. 1455), S9547 [28JY]

Articles and editorials

Banking on Reform, S4783 [5MY]

Bankruptcy Bill Needs Work, S14488 [10NO]

Congress Is On the Right Track in Acting To Reform Bankruptcy Law, S14489 [10NO]

Homestead Protection Popular, Not Populist, S14488 [10NO]

New Lenders With Huge Fees Thrive on Workers With Debts, S7253 [18JN]

Protecting Rich Bankrupts, S14488 [10NO]

Bills and resolutions

Agricultural Market Transition Act: eliminate limitation on loan rates for marketing assistance loans (see H.R. 1468), H2132 [15AP]

———extend the term of marketing assistance loans (see S. 1635), S11430 [24SE]

Agriculture: increase maximum amount of marketing loan gains and loan deficiency payments that an agricultural producer may receive during the crop year (see H.R. 2530), H5686 [15JY]

———repeal peanut quotas, reduce peanut loan rates, and require the Dept. of Agriculture to purchase peanuts for nutrition programs (see S. 802), S3695 [14AP] (see H.R. 2571), H6018 [20JY]

Bankruptcy: limit the value of real and personal property that debtors may exempt under State and local law (see S. 586), S2575 [11MR] (see H.R. 1282), H1799 [25MR]

———make chapter 12 of bankruptcy code permanent relative to the treatment of farmers' reorganization plans by banks (see H.R. 706), H641 [11FE] (see H.R. 763), H657 [12FE]

———reenact chapter 12 of bankruptcy code relative to family farmers (see S. 1606), S11131 [21SE] (see H.R. 2920), H8556 [22SE]

Business and industry: end credit card possession requirements (see H.R. 599), H460 [4FE]

Children and youth: promote financial education (see H.R. 2871), H8374 [15SE]

Colleges and universities: enhance protections against fraud in the offering of financial assistance for a college education (see S. 1455), S9529 [28JY] (see H.R. 3210), H11480 [3NO]

Consumers: adjust statutory exemptions and civil penalties to reflect inflation and eliminate certain rules in accounting for interest rebates in consumer credit transactions (see H.R. 1332), H1801 [25MR]

———allow any consumer to receive a free credit report annually from any consumer reporting agency (see H.R. 1015), H1013 [4MR]

———establish disclosure requirements for banks and credit card companies that share information with telemarketers, ban sharing of credit card and deposit account numbers, and enhance regulatory enforcement (see H.R. 2156), H4127 [10JN]

———prevent credit card issuers from implementing unreasonable practices which result in higher fees or rates of interest for card holders (see S. 480), S2008 [25FE]

———prohibit distribution of negotiable checks or instruments in consumer solicitations (see H.R. 2351), H4911 [24JN]

———prohibit distribution of negotiable checks or instruments relative to consumer solicitations (see H.R. 1576), H2372 [27AP]

———protect from payday lenders demanding exorbitant interest rates and participating in other unfair practices (see H.R. 1684), H2809 [5MY]

———protect from unreasonable credit card fees or interest rates (see H.R. 1276), H1696 [24MR]

———require disclosure of all information in a consumer's file (see H.R. 2856), H8289 [14SE]

———require disclosure of terms of rental-purchase agreements (see H.R. 1634), H2544 [29AP]

———require notice before changes to credit card interest rates (see H.R. 3117), H10611 [20OC]

Credit cards: consumer protections (see S. 787), S3634 [13AP] (see H.R. 900), H889 [2MR]

———prevent issuers from taking advantage of traditional college students and protect parents of such students (see H.R. 3142), H10769 [25OC]

———require billing statements to include postmarked due dates and prohibit late fees for payment postmarked by such date (see H.R. 3477), H12792 [18NO]

———require credit card companies to disclose information on balance payment terms and conditions and enhance reporting of solicitations to the FRS and Congress (see S. 641), S2840 [17MR]

Dept. of Agriculture: improve agricultural credit programs (see H.R. 1983), H3710 [27MY]

———prohibit the discounting of loan deficiency payments for club wheat and compensate producers who received such discounted payments erroneously (see S. 428), S1643 [12FE] (see H.R. 734), H643 [11FE]

———treatment of commodity producers relative to storage charges in the calculation of loan deficiency payments (see S. 127), S341 [19JA]

Education: promote and incorporate financial literacy training into State and local education programs (see H. Con. Res. 213), H11144 [28OC]

Electronic commerce: amend certain consumer protection laws to facilitate the electronic delivery of disclosures and other information (see H.R. 2626), H6582 [27JY]

Fair Credit Reporting Act: exempt certain investigative reports from the definition of consumer reports (see H.R. 3408), H12108 [16NO]

Fair Debt Collection Practices Act: exempt mortgage servicers from certain requirements relative to Federal mortgage loans secured by a first lien (see H.R. 3492), H12792 [18NO]

———reduce the cost of credit (see H.R. 2544), H5750 [16JY] (see H.R. 3435), H12225 [17NO]

Federal Home Loan Bank System: modernize and improve (see S. 458), S1926 [24FE] (see H.R. 822), H794 [24FE]

Financial institutions: provide for improved monetary policy and regulatory reform in management and activities, streamline regulatory agency actions, and improve consumer credit disclosure (see S. 576), S2503 [10MR]

———safeguard consumers relative to use of certain debit cards (see H.R. 445), H375 [2FE]

———strengthen and clarify enforcement of fair lending laws relative to redlining and credit allocation (see H.R. 190), H238 [7JA]

Ginnie Mae: guaranty fee level (see S. Con. Res. 16), S2366 [5MR] (see H. Con. Res. 10), H243 [7JA]

Health Professions Education Partnerships Act: technical corrections relative to the Health Education Assistance Loan Program (see S. 833), S3914 [20AP]

Housing: establish a program to assist homeowners experiencing temporary difficulty making payments on mortgages insured under the National Housing Act (see S. 1553), S10390 [5AU] (see H.R. 595), H459 [4FE]

Money: create in the form of noninterest bearing credit and use to provide for noninterest bearing loans to State and local governments for funding capital projects (see H.R. 1452), H2131 [15AP]

National Gambling Impact Study Commission: implement recommendations relative to availability of cash through automatic teller machines in gambling establishments (see H.R. 2811), H7995 [8SE]

SBA: create a rural business lending pilot program in Alaska and Hawaii (see S. 375), S1258 [4FE]

———improve the certified development company program (see H.R. 2614), H6581 [27JY]

———improve the general business loan program (see H.R. 2615), H6581 [27JY]

Securities: improve regulation of certain derivatives dealers and hedge funds, reduce risk to financial markets, and enhance investor protections (see S. 1968), S14806 [18NO] (see H.R. 3483), H12792 [18NO]

Small business: establish the New Markets Venture Capital Program, America's Private Investment Company Program, and a new markets tax credit (see H.R. 2848), H8148 [13SE]

Taxation: exclude from gross income discharges of indebtedness attributable to certain forgiven residential mortgage obligations (see H.R. 1690), H2809 [5MY]

———exempt small issue bonds for agriculture from the State volume cap (see S. 1038), S5264 [13MY] (see H.R. 1810), H3170 [13MY]

———permanently extend research credit and adjust the alternative incremental credit rates (see H.R. 835), H794 [24FE]

———treatment of higher education expenses and interest on student loans (see S. 1974), S15089 [19NO] (see H.R. 1631), H2544 [29AP] (see H.R. 2750), H7882 [5AU]

———treatment of interest on student loans (see S. 471), S2007 (see S. 473), S2008 [25FE] (see S. 1444), S9378 [27JY] (see H.R. 856), H815 [25FE] (see H.R. 1129), H1334 [16MR] (see H.R. 1196), H1472 [18MR]

Veterans: make permanent the eligibility of former members of the Selected Reserve for veterans housing loans (see S. 1571), S10694 [9SE] (see H.R. 1603), H2468 [28AP]

Letters

Bankruptcy treatment of financial expenditures for children and families: several women's and children's organizations, S14392 [9NO]

———Wade Henderson, Leadership Conference on Civil Rights (organization), S14392 [9NO]

Community Reinvestment Act provisions of the Financial Services Modernization Act: Aida Alvarez, SBA, S4785 [5MY]

———Alan Greenspan, FRS, S4753 [5MY]

———Hilary O. Shelton, NAACP, S4786 [5MY]

———Leadership Conference on Civil Rights (organization), S4739 [5MY]

———Leland Swenson, National Farmers Union, S4784 [5MY]

———Richard Ryscavage and British Robinson, Society of Jesus in the U.S., S4783 [5MY]

———Roser Cardinal Mahony, U.S. Catholic Conference, S4784 [5MY]

———several Hispanic organizations, S4739, S4784 [5MY]

———several family farm and rural organizations, S4741 [5MY]

———Sheila Crowley, National Low Income Housing Coalition, S4784 [5MY]

———U.S. Conference of Mayors, S4740 [5MY]

———W. Ron Allen, National Congress of American Indians, S4740 [5MY]

Credit card availability to individuals filing bankruptcy: American Bankruptcy Service (business), S14246 [8NO]

Limit issuance of credit cards to underage consumers: several labor unions, S14361 [9NO]

———several organizations, S14362 [9NO]

Tax treatment of interest on student loans: Stanley O. Ikenberry, American Council on Education, S9905 [30JY]

Memorandums

Community Reinvestment Act Provisions of the Financial Services Modernization Act: Alan Greenspan, FRS, S4753 [5MY]

Homestead Property Bankruptcy Exemption: Robin Jeweler, Congressional Research Service, S14483 [10NO]

Messages

CCC Report: President Clinton, S7025 [15JN], H4252 [15JN]

Notices

Failure of debt relief organizations to make minimal disclosures of procedures and costs to potential clients: FTC, H2707, H2708 [5MY]

Proposals

Implement National Gambling Impact Study Commission recommendations relative to availability of cash through automatic teller machines in gambling establishments, E1796 [5AU]

Remarks in House

Bankruptcy: adopt means-test to determine permissible living expenses for persons seeking bankruptcy protection, H2718-H2724 [5MY], E899 [6MY]

———disallow claims from financial institutions who pursue reckless lending practices, H2768 [5MY]

———prohibition on conversion of non-exempt assets into exempt homestead property and preservation of States' rights to set homestead exemptions, H2649, H2702, H2704 [5MY]

———reenact chapter 12 of bankruptcy code relative to family farmers (S. 1606), H9253 [4OC]

———require debt relief organizations to make minimal disclosures of procedures and costs to potential clients, H2706-H2709 [5MY]

———treatment of child support and alimony payments, H2641, H2660-H2663 [5MY]

———treatment of child support payments, H1918 [13AP]

———treatment of credit card debt, H2661-H2663, H2668 [5MY]

Children and youth: promote financial education (H.R. 2871), E1885, E1886 [15SE]

Consumers: adjust statutory exemptions and civil penalties to reflect inflation and eliminate certain rules in accounting for interest rebates in consumer credit transactions (H.R. 1332), E569 [25MR]

———allow any consumer to receive a free credit report annually from any consumer reporting agency (H.R. 1015), E544 [24MR]

———establish disclosure requirements for banks and credit card companies that share information with telemarketers, ban sharing of credit card and deposit account numbers, and enhance regulatory enforcement, H5194 [1JY]

———establish disclosure requirements for banks and credit card companies that share information with telemarketers, ban sharing of credit card and deposit account numbers, and enhance regulatory enforcement (H.R. 2156), E1233 [10JN]

———prohibit distribution of negotiable checks or instruments in consumer solicitations (H.R. 2351), E1387 [24JN]

———protect from payday lenders demanding exorbitant interest rates and participating in other unfair practices (H.R. 1684), H2642 [5MY]

Credit cards: prevent issuers from taking advantage of traditional college students and protect parents of such students (H.R. 3142), E2439 [18NO]

———require billing statements to include postmarked due dates and prohibit late fees for payment postmarked by such date (H.R. 3477), E2459 [19NO]

———require issuers to disclose information on interest rates, minimum payments, and penalties, and regulate web-based solicitations, H2703-H2705 [5MY]

Education: promote and incorporate financial literacy training into State and local education programs (H. Con. Res. 213), H11208-H11212 [2NO]

———student financial aid programs, H1773 [25MR]

———student loan programs, H1732 [25MR], E2324 [10NO]

Electronic commerce: amend certain consumer protection laws to facilitate the electronic delivery of disclosures and other information (H.R. 2626), E1673 [28JY]

Fair Credit Reporting Act: exempt certain investigative reports from the definition of consumer reports (H.R. 3408), E2421 [17NO]

Fair Debt Collection Practices Act: exempt mortgage servicers from certain requirements relative to Federal mortgage loans secured by a first lien (H.R. 3492), E2477 [19NO]

Financial institutions: ensure medical and financial privacy for consumers, H6728-H6738 [30JY]

———strengthen and clarify enforcement of fair lending laws relative to redlining and credit allocation (H.R. 190), E59 [7JA]

FTC: require consumer credit counselors to meet basic professional standards, H2711, H2712 [5MY]

National Gambling Impact Study Commission: implement recommendations relative to availability of cash through automatic teller machines in gambling establishments, E1795 [5AU]

OPIC: treatment of Bucheit International (business) relative to dealings in Gaza Strip, E1911 [21SE]

SBA: improve the certified development company program (H.R. 2614), H6789-H6792 [2AU]

———improve the general business loan program (H.R. 2615), H6792-H6796 [2AU]

Securities: improve regulation of certain derivatives dealers and hedge funds, reduce risk to financial markets, and enhance investor protections (H.R. 3483), E2510 [19NO]

Taxation: exclude from gross income discharges of indebtedness attributable to certain forgiven residential mortgage obligations (H.R. 1690), E874 [5MY]

———permanently extend research credit and adjust the alternative incremental credit rates (H.R. 835), H1026, H1027 [9MR], H5182, H5183, H5185 [1JY]

———treatment of higher education expenses and interest on student loans, H9416 [6OC]

———treatment of interest on student loans (H.R. 1129), H1404 [17MR]

———treatment of interest on student loans (H.R. 1196), E494 [18MR]

Remarks in Senate

Agricultural Market Transition Act: extend the term of marketing assistance loans (S. 1635), S11431 [24SE]

Agriculture: repeal peanut quotas, reduce peanut loan rates, and require the Dept. of Agriculture to purchase peanuts for nutrition programs (S. 802), S3709 [14AP]

Bankruptcy: disallow claims from loan companies charging high annual interest rates, S7253 [18JN]

———discourage predatory lending practices, S14063, S14069 [5NO], S14374-S14377 [9NO]

———limit homestead property exemption, S14481-S14490 [10NO]

———limit the value of real and personal property that debtors may exempt under State and local law, S14062-S14063, S14071 [5NO]

———limit the value of real and personal property that debtors may exempt under State and local law (S. 586), S2577 [11MR]

———preservation of States' rights to set homestead exemptions, S14481-S14490 [10NO]

———reenact chapter 12 of bankruptcy code relative to family farmers, S11542 [28SE]

———reenact chapter 12 of bankruptcy code relative to family farmers (S. 1606), S11187 [21SE], S11753, S11754 [30SE]

———require debtors to seek help from credit counseling agencies prior to filing for bankruptcy protection, S14076 [5NO]

———treatment of child support and alimony payments, S14072-S14074 [5NO]

———treatment of credit card debt, S4842 [6MY]

———treatment of financial expenditures for children and families, S14388-S14393 [9NO], S14499-S14502 [10NO]

———use of means-testing to determine permissible living expenses for persons seeking bankruptcy protection, S14674 [17NO]

———waiver of filing fees in certain cases, S14356 [9NO]

Colleges and universities: enhance protections against fraud in the offering of financial assistance for a college education (S. 1455), S9545 [28JY], S14047, S14048 [4NO]

Consumers: prevent credit card issuers from implementing unreasonable practices which result in higher fees or rates of interest for card holders (S. 480), S2022 [25FE]

Credit cards: consumer protections, S14245-S14247 [8NO], S14457 [10NO], S14671 [17NO]

———discourage indiscriminate and inappropriate issuance and study consumer credit industry practices, S14670, S14680 [17NO]

———limit issuance to underage consumers, S14262 [8NO], S14358-S14363, S14373, S14376-S14380 [9NO]

———require credit card companies to disclose information on balance payment terms and conditions and enhance reporting of solicitations to the FRS and Congress (S. 641), S2845 [17MR]

———require issuers to disclose information on interest rates, S14372, S14373 [9NO]

Dept. of Agriculture: prohibit the discounting of loan deficiency payments for club wheat and compensate producers who received such discounted payments erroneously (S. 428), S1649 [12FE]

———treatment of commodity producers relative to storage charges in the calculation of loan deficiency payments (S. 127), S556 [19JA]

Education: student financial aid programs, S3347, S3422, S3429 [25MR]

Federal Home Loan Bank System: modernize and improve (S. 458), S1936-S1938 [24FE]

FRS: require a report to Congress on the practice of credit card issuers who consider the residence location of applicants, S14394 [9NO]

Ginnie Mae: guaranty fee level (S. Con. Res. 16), S2370 [5MR], S2529 [10MR]

SBA: create a rural business lending pilot program in Alaska and Hawaii (S. 375), S1275 [4FE]

Taxation: exempt small issue bonds for agriculture from the State volume cap (S. 1038), S5370 [14MY]

———treatment of interest on student loans, S9905, S9906 [30JY], S14984 [19NO]

———treatment of interest on student loans (S. 471), S2017 [25FE]

———treatment of interest on student loans (S. 473), S2022 [25FE]

———treatment of interest on student loans (S. 1444), S9388 [27JY]

Veterans: make permanent the eligibility of former members of the Selected Reserve for veterans housing loans (S. 1571), S10694, S10695 [9SE]

Reports filed

Certified Development Company Program Improvements Act: Committee on Small Business (House) (H.R. 2614) (H. Rept. 106-278), H6842 [2AU]

College Scholarship Fraud Prevention Act: Committee on the Judiciary (Senate) (S. 1455), S13552 [29OC]

Improve Financial Institution Monetary Management Policies, Streamline Regulatory Agency Actions, and Improve Consumer Credit Disclosure: Committee on Banking, Housing, and Urban Affairs (Senate) (S. 576) (S. Rept. 106-11), S2503 [10MR]

SBA General Business Loan Program Improvements: Committee on Small Business (House) (H.R. 2615) (H. Rept. 106-279), H6842 [2AU]

Statements

Community Reinvestment Act Provisions of the Financial Services Modernization Act: Alan Greenspan, FRS, S4785 [5MY]

———Joseph P. Kennedy II, S4785 [5MY]

———President Clinton, S4785 [5MY]

———President Clinton and Vice President Gore, S4785 [5MY]

———Robert E. Rubin, Sec. of the Treasury, S4785 [5MY]

———Senator Gramm, S4785 [5MY]

Summaries

Electronic Disclosures Delivery Act (H.R. 2626), E1673 [28JY]

Tables

IRS collection financial standards—allowable living expenses for food, clothing, and other items, S14391 [9NO], S14500 [10NO]

Texts of

H. Con. Res. 213, promote and incorporate financial literacy training into State and local education programs, H11208 [2NO]

H.R. 2156, Consumer Telemarketing Financial Privacy Protection Act, E1234 [10JN]

H.R. 2351, Unsolicited Loan Check Consumer Protection Act, E1387 [24JN]

H.R. 2614, Certified Development Company Program Improvements Act, H6789-H6791 [2AU]

H.R. 2615, SBA general business loan program improvement, H6792 [2AU]

S. 127, treatment of commodity producers relative to storage charges in the calculation of loan deficiency payments, S557 [19JA]

S. 428, prohibit the discounting of Dept. of Agriculture loan deficiency payments for club wheat and compensate producers who received such discounted payments erroneously, S1649 [12FE]

S. 802, repeal peanut quotas, reduce peanut loan rates, and require the Dept. of Agriculture to purchase peanuts for nutrition programs, S3709 [14AP]

S. 1455, College Scholarship Fraud Prevention Act, S9546 [28JY], S14048 [4NO]

S. 1606, reenact chapter 12 of bankruptcy code relative to family farmers, S11754 [30SE], H9253 [4OC]

S. Con. Res. 16, Ginnie Mae guaranty fee level, S2370 [5MR]