Consumer Credit
US Congress 111th Congress
To amend the Fair Credit Reporting Act to provide for an exclusion from Red Flag Guidelines for health care practices with 20 or fewer employees. [HB-2345]
Amends the Fair Credit Reporting Act with respect to the duties of users of consumer reports taking adverse actions on the basis of information contained in such reports. Excludes any health care practice with 20 or fewer employees from the meaning of creditor subject to Red Flag Guidelines regarding identity theft promulgated by the proper federal financial regulatory agency.
Sponsored by: Rep. Leonard Lance
Referred To The House Committee On Financial Services. on 05/12/2009
Spread the world
Gettr US Congress 111th Congress
Internet Gambling Regulation, Consumer Protection, and Enforcement Act [HB-2267]
Internet Gambling Regulation, Consumer Protection, and Enforcement Act - (Sec. 2) Grants the Secretary of the Treasury regulatory and enforcement jurisdiction over the Internet Gambling Licensing Program established by this Act. Prescribes administrative and licensing requirements for Internet betting. Prohibits any person from operating an Internet gambling facility that knowingly accepts bets or wagers from persons located in the United States without a license issued by the Secretary. Denies eligibility to obtain a license to any person unless
(continued...)
Sponsored by: Rep. Raul Grijalva
Placed On The Union Calendar, Calendar No. 398. on 11/30/2010
Spread the world
US Congress 111th Congress
Data Accountability and Trust Act [HB-2221]
Data Accountability and Trust Act - (Sec. 2) Requires the Federal Trade Commission (FTC) to promulgate regulations requiring each person engaged in interstate commerce owning or possessing electronic data containing personal information, or contracting with a third party to maintain such data, to establish security policies and procedures. Requires such policies and procedures to provide for: (1) a security policy with respect to the use, sale, dissemination, and maintenance of data; (2) an officer responsible for information security oversight;
(continued...)
Sponsored by: Rep. Janice Schakowsky
Received In The Senate And Read Twice And Referred To The Committee On Commerce, Science, And Transportation. on 12/09/2009
Spread the world
US Congress 111th Congress
Student Credit Card Transparency Act of 2009 [HB-2217]
Student Credit Card Transparency Act of 2009 - Amends the Truth in Lending Act to require creditors to report annually to the Federal Reserve Board on the terms and conditions of all business, marketing, and promotional agreements and college affinity card agreements with institutions of higher education, or related alumni organizations or foundations, with respect to college student credit cards issued to students at such schools. Directs the Comptroller General to review such reports and creditor marketing practices periodically and report to
(continued...)
Sponsored by: Rep. Patrick Murphy
Referred To The House Committee On Financial Services. on 04/30/2009
Spread the world
US Congress 111th Congress
Government Charge Card Abuse Prevention Act of 2009 [HB-2189]
Government Charge Card Abuse Prevention Act of 2009 - Requires each executive agency, except for the Department of Defense (DOD), to establish and maintain specified safeguards and internal controls for official purchase cards and convenience checks, including measures to ensure that: (1) records are kept of each card holder and applicable transaction limits; (2) rebates and refunds based on prompt payment, sales volume, or other agency actions on card accounts are reviewed for accuracy; (3) periodic reviews are performed to determine whether each
(continued...)
Sponsored by: Rep. Gregg Harper
Referred To The Subcommittee On Readiness. on 01/12/2010
Spread the world
US Congress 111th Congress
Government Credit Card Abuse Prevention Act of 2009 [HB-216]
Government Credit Card Abuse Prevention Act of 2009 - Requires the head of each executive agency, except the Department of Defense (DOD), to: (1) establish safeguards and internal controls for purchase cards, convenience checks, and travel cards; and (2) prescribe regulations implementing such safeguards and controls that provide for adverse personnel actions or other punishment against employees for card violations, negligence, misuse, abuse, or fraud. Requires each agency Inspector General to: (1) periodically conduct risk assessments of agency
(continued...)
Sponsored by: Rep. Gregg Harper
Referred To The Subcommittee On Government Management, Organization, And Procurement. on 05/04/2009
Spread the world
US Congress 111th Congress
Predatory Mortgage Lending Practices Reduction Act [HB-2108]
Predatory Mortgage Lending Practices Reduction Act - Amends the Real Estate Settlement Procedures Act of 1974 to prohibit any person, in connection with a subprime federally related mortgage loan, from providing mortgage lending services or mortgage brokerage services unless such person is certified by the Secretary of Housing and Urban Development as having been adequately trained with regard to subprime lending. Amends the Truth in Lending Act to require lenders to establish a best practices plan, meeting certain criteria, to ensure compliance
(continued...)
Sponsored by: Rep. Marcia Fudge
Referred To The House Committee On Financial Services. on 04/27/2009
Spread the world
US Congress 111th Congress
American Credit Card Reform Act [HB-2007]
American Credit Card Reform Act - Amends the Truth in Lending Act to prohibit the annual percentage rate (APR) applicable to any extension of credit on an open end consumer credit account from exceeding 14%. Prohibits a credit card issuer from imposing any fee or penalty in connection with a transaction initiated by a consumer in which credit extended under such credit plan is applied to reduce an outstanding balance on another credit card account of the consumer. Prohibits a credit card issuer from: (1) advertising any credit card account on the
(continued...)
Sponsored by: Rep. Eric Massa
Referred To The House Committee On Financial Services. on 04/21/2009
Spread the world
US Congress 111th Congress
Helping Families Save Their Homes in Bankruptcy Act of 2009 [HB-200]
Helping Families Save their Homes in Bankruptcy Act of 2009 - (Sec. 1) Amends federal bankruptcy law governing a Chapter 13 debtor (adjustment of debts of an individual with regular income). Excludes from computation of debts the secured or unsecured portions of: (1) debts secured by the debtor's principal residence if the current value of that residence is less than the secured debt limit; or (2) debts secured or formerly secured by a debtor's principal residence that was either sold in foreclosure or surrendered to the creditor if the current
(continued...)
Sponsored by: Rep. Raul Grijalva
Reported (amended) By The Committee On Judiciary. H. Rept. 111-19. on 02/24/2009
Spread the world
US Congress 111th Congress
To amend the Truth in Lending Act to provide safeguards for credit card holders whose accounts were, or are about to be, terminated for inactivity, and for other purposes. [HB-1882]
Amends the Truth in Lending Act to set forth restrictions upon the termination of a consumer credit card account due to inactivity. Prohibits a consumer credit card account from being terminated for inactivity unless the cardholder is notified within 60 days before the termination date. Authorizes the cardholder to appeal a termination on the basis of error. Requires the card issuer to: (1) investigate whether such an error occurred; (2) transmit the investigation results to the cardholder; and (3) reopen the credit card account if an error did
(continued...)
Sponsored by: Rep. Susan Davis
Sponsor Introductory Remarks On Measure. (cr E876-877) on 04/02/2009
Spread the world
US Congress 111th Congress
Fairness for Homeowners Act of 2009 [HB-1782]
Fairness for Homeowners Act of 2009 - Amends the Truth in Lending Act to prohibit a creditor or mortgage broker from arranging a consumer credit transaction secured by the principal dwelling of a consumer without first verifying the consumer's reasonable ability to to make the scheduled payments of principal, interest (including variable interest), real estate taxes, homeowner's insurance, assessments, and mortgage insurance premiums. Prescribes criteria to: (1) determine such consumer's reasonable ability to pay a variable interest rate; and (2)
(continued...)
Sponsored by: Rep. Elijah Cummings
Referred To The House Committee On Financial Services. on 03/30/2009
Spread the world
US Congress 111th Congress
To make technical corrections to the Higher Education Act of 1965, and for other purposes. [HB-1777]
Makes miscellaneous and technical amendments to the Higher Education Act of 1965 (the Act). Title I: General Provisions - Makes technical amendments to title I of the Act. (Sec. 101) Amends the Higher Education Opportunity Act to make the date of such Act's enactment, August 14, 2008, the effective date of its revisions to the general definition of institutions of higher education (IHEs). Makes prerequisites for foreign nursing school participation in the Act's Federal Family Education Loan (FFEL) program inapplicable, until July 1, 2012, to foreign
(continued...)
Sponsored by: Rep. Brett Guthrie
Became Public Law No: 111-39. on 07/01/2009
Spread the world
US Congress 111th Congress
Consumer Rental Purchase Agreement Act [HB-1744]
Consumer Rental Purchase Agreement Act - Amends the Consumer Credit Protection Act to prescribe consumer protection guidelines for rental-purchase transactions, including: (1) the determination of rental-purchase cost; (2) disclosure requirements; (3) prohibitions against confessions of judgment, wage assignments, and waiver of consumer claims or defenses; (4) furnishing of statements of account; (5) point-of-rental disclosures; and (6) rental-purchase advertising disclosures. Declares that an action for civil liability may be brought against a
(continued...)
Sponsored by: Rep. Henry Johnson
Referred To The House Committee On Financial Services. on 03/26/2009
Spread the world
US Congress 111th Congress
Mortgage Reform and Anti-Predatory Lending Act [HB-1728]
Mortgage Reform and Anti-Predatory Lending Act - Title I: Residential Mortgage Loan Origination Standards - (Sec. 102) Amends the Truth in Lending Act (TILA) to prescribe fiduciary standards for originators of residential mortgages, including complete and timely written disclosure of: (1) the comparative costs and benefits of each residential mortgage loan product presented by the originator; (2) the nature of the originator's relationship to the consumer, including the cost of services provided by the originator; and (3) any relevant conflicts
(continued...)
Sponsored by: Rep. Gregory Meeks
Received In The Senate And Read Twice And Referred To The Committee On Banking, Housing, And Urban Affairs. on 05/12/2009
Spread the world
US Congress 111th Congress
Financial Product Safety Commission Act of 2009 [HB-1705]
Financial Product Safety Commission Act of 2009 - Establishes the Financial Product Safety Commission to: (1) promulgate consumer financial product safety rules; (2) establish a best practices guide for all providers of consumer financial products; (3) conduct continuing studies and investigations of consumer financial products industry practices; (4) award grants or enter into contracts for the conduct of such studies and investigations; (5) assist public and private organizations or groups of consumer financial product providers, administratively
(continued...)
Sponsored by: Rep. Janice Schakowsky
Referred To The House Committee On Financial Services. on 03/25/2009
Spread the world
US Congress 111th Congress
Interest Rate Reduction Act [HB-1640]
Interest Rate Reduction Act - Amends the Truth in Lending Act to prohibit the annual percentage rate of interest (APR) applicable to any extension of credit to a consumer from exceeding 15% on unpaid balances, inclusive of all finance charges. Authorizes the Board of Governors of the Federal Reserve System to establish an APR ceiling exceeding the 15% annual rate for periods not to exceed 18 months, upon a determination that: (1) money market interest rates have risen over the preceding six-month period; and (2) prevailing interest rate levels threaten
(continued...)
Sponsored by: Rep. Barbara Lee
Referred To The House Committee On Financial Services. on 03/19/2009
Spread the world
US Congress 111th Congress
Universal Default Prohibition Act of 2009 [HB-1637]
Universal Default Prohibition Act of 2009 - Amends the Truth in Lending Act to prohibit a creditor from: (1) using any adverse information concerning any consumer, including any in a consumer report or any change in the consumer's credit score, as the basis for increasing any annual percentage rate of interest (APR) for a credit card account of the consumer's under an open end consumer credit plan; or (2) removing or increasing any introductory APR for that account, for reasons other than actions or omissions of the consumer directly related to
(continued...)
Sponsored by: Rep. Lacy Clay
Referred To The House Committee On Financial Services. on 03/19/2009
Spread the world
US Congress 111th Congress
IRA Assistance Act of 2009 [HB-1628]
IRA Assistance Act of 2009 - Amends the Internal Revenue Code to allow premature distributions from individual retirement accounts (other than Roth IRAs) without penalty to make hardship loans.
Sponsored by: Rep. Mike Coffman
Referred To The House Committee On Ways And Means. on 03/19/2009
Spread the world
US Congress 111th Congress
Interest Rate Equity Act [HB-1610]
Interest Rate Equity Act or the IRE Act - Amends the Emergency Economic Stabilization Act of 2008 to prohibit any financial institution that receives assistance under the Troubled Asset Relief Program (TARP) from charging its customers more than 18% interest on credit card accounts.
Sponsored by: Rep. Jackie Speier
Referred To The House Committee On Financial Services. on 03/19/2009
Spread the world
US Congress 111th Congress
Protecting Consumers from Unreasonable Credit Rates Act of 2009 [HB-1608]
Protecting Consumers from Unreasonable Credit Rates Act of 2009 - Amends the Truth in Lending Act to prohibit a creditor from extending credit to a consumer under an open end consumer credit plan (credit card) for which the fee and interest rate exceeds 36%. Sets forth criminal penalties for violation of this Act. Empowers state Attorneys General to enforce this Act. Revises requirements for a periodic statement for each billing cycle with respect to where the total finance charge exceeds 50 cents for a monthly or longer billing cycle, or the pro
(continued...)
Sponsored by: Rep. Raul Grijalva
Referred To The House Committee On Financial Services. on 03/19/2009