CREDIT CARDHOLDERS' BILL OF RIGHTS ACT

Amendments

Effective date: establish earlier for various consumer protections (H.R. 3639), H12311, H12312, H12313, H12314 [4NO]

Enact (H.R. 627), S5333, S5338 [11MY], S5349, S5360, S5361, S5362, S5364, S5379, S5380, S5382, S5383, S5384, S5385, S5386, S5387, S5388, S5389, S5393 [12MY], S5416, S5425, S5426, S5444, S5445, S5446, S5447, S5448 [13MY], S5471, S5475, S5531, S5532, S5533, S5534, S5535, S5536, S5537 [14MY], S5625 [19MY], H5004, H5013, H5016, H5018, H5019, H5021, H5022, H5023, H5025, H5026, H5028, H5029, H5031, H5033, H5034, H5035, H5036 [30AP], H5824 [20MY]

Articles and editorials

Backdoor Nationalization—The Latest Treasury Brainstorm Will Retard a Banking Recovery, H5007 [30AP]

Bad Credit, H5102 [5MY]

Bank of America Casts Wider Net for Hispanics, S5421 [13MY]

Credit Card Industry Aims To Profit From Sterling Payers, H5836 [20MY]

Credit Card Issuers—Buy Something or Else!, H5032 [30AP]

Credit Card Restrictions Close to Enactment, H5837 [20MY]

Credit Cards Are the Next Credit Crunch, H5006 [30AP]

Fixing the Bankruptcy System, S5484 [14MY]

Obama Calls for an Extreme Makeover of Our Culture—Are the Credit Card Companies Listening?, S5569 [19MY]

Over the Limit, H5025 [30AP]

Bills and resolutions

Enact (see H.R. 627), H484 [22JA]

Enact (H.R. 627): consideration (see H. Res. 379), H4998 [29AP]

———consideration of Senate amendment (see H. Res. 456), H5790 [19MY]

Cloture motions

Enact (H.R. 627), S5426 [13MY], S5570 [19MY]

———motion to proceed, S5246 [6MY]

Letters

FRS authority to specify acceptable forms of identification for opening of credit card accounts: Phyllis Schlafly, Eagle Forum (organization), S5422 [13MY]

Prohibit use of Troubled Asset Relief Program funds for purchase of common stock: Representative Sessions, H5005 [30AP]

Memorandums

Provisions: Congressional Research Service, H4967 [29AP]

Motions

Enact (H.R. 627), S5423, S5424 [13MY], H5039 [30AP], H5832 [20MY]

Remarks in House

Credit: allocate payments in excess of the minimum payment to the portion of the remaining balance with the highest interest rate first, H5021, H5022 [30AP]

———allow credit card issuers to raise interest rates on existing balances if they provide clear notification 90 days in advance, H5026, H5027 [30AP]

———allow creditors to use retroactive rate increases, universal default, and double billing cycles as long as they offer alternatives, H5028, H5029 [30AP]

———allow customers who have not activated their credit cards within 45 days to cancel the card and have it removed from their credit report entirely, H5037 [30AP]

———clarify that minors are allowed to have credit cards in their names under their parent or legal guardian's account, H5023 [30AP]

———limit credit line on college student accounts, require approval for credit increases on co-signed accounts, require credit check to open accounts, and prohibit multiple accounts for certain applicants, H5020, H5021 [30AP]

———prohibit fees for telephone or electronic transfer payments, require warning on adverse effects of excessive credit inquiries, impose readability standards, and establish disclosure requirements, H5017 [30AP]

———provide that the amount of a balance as of a 7-day mark following a notice of a rate increase would be protected from the rate increase, H5029 [30AP]

———require credit cardholders to opt-into receiving over-the-limit protection on their credit card, H5025, H5026 [30AP]

———require creditors to post their credit card written agreements on their websites, and require the Federal Reserve Board to compile and report these agreements on its website, H5034, H5035 [30AP]

———require enhanced disclosure of the consequences of making only minimum required payments in repayment of credit card debt and establish consumer credit counseling and debt management services, H5030, H5031 [30AP], E1043 [30AP]

———require GAO study to ensure that enhanced disclosure under an open end credit plan would not restrict access to credit or increase cost of credit for small businesses, H5011, H5012 [30AP]

———require issuers to notify cardholders 30 days before account closure with the closure reason, staying-open options, balance repayment program, and credit score impact, H5031-H5033 [30AP]

———require minimum 6-month period for a promotional rate for credit cards before the standard rate may be increased, H5033, H5034 [30AP]

———restrict credit card issuers from making adverse reports to credit rating agencies regarding deployed military service members and disabled veterans, H5035, H5036 [30AP]

Dept. of the Treasury: prohibit use of Troubled Asset Relief Program funds for purchase of common stock, H5004, H5007 [30AP]

Enact (H.R. 627), H4847 [28AP], H4960-H4969 [29AP], H5001, H5002, H5013-H5041, H5048-H5052 [30AP], H5782 [19MY], E122 [22JA], E1022, E1024, E1026, E1027, E1030, E1033, E1035, E1038, E1043 [30AP], E1046 [4MY], E1058 [5MY], E1075 [6MY], E1103, E1105 [7MY], E1250, E1262 [21MY]

———consideration (H. Res. 379), H5003-H5013 [30AP]

———consideration of Senate amendment (H. Res. 456), H5808-H5815 [20MY]

———corrections in engrossment, H5043 [30AP]

———Senate amendment, H5806, H5823-H5841 [20MY]

Firearms: preserve rights granted under second amendment to the Constitution in national parks and national wildlife refuge areas, H5809-H5814, H5832-H5834, H5837-H5840 [20MY]

FRS: conduct review of consumer credit plans and regulations, H5018, H5019 [30AP]

———determine that regulations for enhanced disclosure under an open end credit plan will not result in reduction in availability of credit to small businesses, H5039, H5040 [30AP]

———establish regulations that would allow estate administrators to resolve outstanding credit balances in a timely manner, H5024, H5025 [30AP]

———submit reports on implementation of regulations requiring enhanced disclosure under an open end credit plan, H5022 [30AP]

Remarks in Senate

Antitrust policy: amend laws to ensure competitive market-based rates and terms for merchants' access to electronic payment systems, S5467, S5468 [14MY]

Congress: accomplishments of the 111th Congress, S5649, S5650 [20MY], S6669 [17JN]

Consumers: prohibit unfair or deceptive acts or practices relative to gift certificates, store gift cards, and other general use prepaid cards, S5480 [14MY]

Credit: allocate payments in excess of the minimum payment to the portion of the remaining balance with the highest interest rate first, S5493 [14MY]

———allow merchants to offer a discount over credit cards for individuals paying with cash, check, or debit card, S5464, S5467 [14MY]

———create toll-free number to provide information about credit counseling, S5484 [14MY]

———make credit scores available to consumers once each year free of charge and allow consumers to see the credit score, S5491 [14MY]

———protect consumers from usury, S5363 [12MY], S5415, S5423, S5424 [13MY], S5470 [14MY], S5568 [19MY]

———restore State power to enforce maximum interest rates against out-of-State lenders, S5487, S5488 [14MY]

———specify acceptable forms of identification for opening of credit card accounts, S5361 [12MY], S5421-S5423 [13MY]

Credit cards: protect consumers, and especially young consumers, from skyrocketing debt, unfair practices, and deceptive offers, S5409 [13MY], S5468 [14MY]

———require creditors to report terms and conditions of business, marketing, promotional, and college affinity card agreements with institutions of higher education and alumni organizations, S5492 [14MY]

Crime: address criminal and fraudulent monetary transfers using stored value cards and other electronic devices, S5426 [13MY]

Enact (H.R. 627), S5304, S5313-S5321 [11MY], S5346-S5365 [12MY], S5409-S5412, S5415-S5418, S5420-S5429 [13MY], S5463, S5464, S5466-S5472, S5474-S5476, S5480, S5483, S5484, S5487-S5494, S5496 [14MY], S5548-S5551 [18MY], S5566-S5581, S5600-S5602 [19MY], S5805 [21MY], S6178-S6180 [4JN]

———motion to proceed, S5246 [6MY]

———unanimous-consent agreement, S5270 [7MY], S5353 [12MY]

Fair Credit Reporting Act: require reporting agencies to provide free credit reports in certain languages other than English, S5364 [12MY]

Federal Deposit Insurance Act: allow temporary waiver of State interest rate limit, S5475, S5492 [14MY]

Firearms: preserve rights granted under second amendment to the Constitution in national parks and national wildlife refuge areas, S5353-S5360 [12MY]

GAO: require study on relationship between fluency in English and financial literacy, S5417 [13MY]

Public debt: require publication of certain facts on the national debt in IRS instructions, Federal websites, and new legislation, S5351-S5353 [12MY], S5423, S5424 [13MY]

Small business: ensure that regulations for enhanced disclosure under an open end credit plan will not result in reduction in availability of credit to small businesses, S5463 [14MY]

Truth in Lending Act: extend credit card protections to small businesses, S5425 [13MY], S5471, S5488-S5491 [14MY]

Reports filed

Consideration of H.R. 627, Provisions: Committee on Rules (House) (H. Res. 379) (H. Rept. 111-92), H4998 [29AP]

Consideration of Senate Amendment to H.R. 627, Provisions: Committee on Rules (House) (H. Res. 456) (H. Rept. 111-120), H5790 [19MY]

Provisions: Committee on Financial Services (House) (H.R. 627) (H. Rept. 111-88), H4838 [27AP]

Texts of

H. Res. 379, consideration of H.R. 627, provisions, H5003 [30AP]

H. Res. 456, consideration of Senate amendment to H.R. 627, provisions, H5808 [20MY]

H.R. 627, provisions, S5573-S5581 [19MY], H5013-H5016 [30AP], H5824-H5832 [20MY]

H.R. 3639, Expedited CARD Reform for Consumers Act, H12311 [4NO]