Consumer Credit
US Congress 111th Congress
Credit Card Fair Fee Act of 2009 [HB-2695]
[Consumer Protection ]
[Finance ]
[Small Business ]
[Trade ]
[Budget and Spending ]
[Law Enforcement ]
[Economic Development ]
Credit Card Fair Fee Act of 2009 - Sets forth a limited antitrust immunity to providers of covered electronic payment systems and merchants for negotiation of access rates and terms. Authorizes providers of a single covered electronic payment system (e.g. credit cards and/or debit cards) and merchants to jointly negotiate and agree upon rates and terms for access to such system. Provides immunity exceptions. Requires the rates and terms of a voluntarily negotiated access agreement to be the same for all merchants and participating providers, regardless
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Sponsored by: Rep. Mike Quigley
Committee Hearings Held. on 04/28/2010
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Payday Lending Reform Act of 2009 [HB-2563]
[Consumer Protection ]
[Finance ]
Payday Lending Reform Act of 2009 - Amends the Truth in Lending Act to require a creditor to make specified disclosures when making a payday loan to a consumer. Prohibits a creditor from making a payday loan to any consumer unless: (1) specified notices are posted conspicuously in the creditor's public lending area, or, if the loan is made using the Internet, fax or other means, posted conspicuously on the creditor's public internet site relating to any such payday loan; and (2) the creditor offers the consumer an extended repayment plan that meets
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Sponsored by: Rep. Alcee L. Hastings
Referred To The House Committee On Financial Services. on 05/21/2009
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To amend the Internal Revenue Code of 1986 to exclude from gross income discharges of personal indebtedness outside of bankruptcy. [HB-2445]
[Taxes ]
Amends the Internal Revenue Code to exclude from gross income qualified personal indebtedness. Defines "qualified personal indebtedness" as any indebtedness of an individual other than trade or business debts, student loans, mortgages, or debts discharged in bankruptcy.
Sponsored by: Rep. Ron Paul
Sponsor Introductory Remarks On Measure. (cr E1161) on 05/14/2009
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Credit Card Interchange Fees Act of 2009 [HB-2382]
[Consumer Protection ]
[Finance ]
[Small Business ]
[Trade ]
Credit Card Interchange Fees Act of 2009 - Amends the Truth in Lending Act to prohibit specified electronic payment system network practices, including the imposition of: (1) additional charges on merchants and consumers for premium payment cards; (2) certain restrictions on merchants, including chargebacks for transactions on point of sale terminals that exceed the allowable amount on such devices; (3) restrictions upon network routing; (4) any requirement to meet a minimum number of transactions in any period; or (5) fees or a related adverse
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Sponsored by: Rep. James P. McGovern
Committee Hearings Held. on 10/08/2009
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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]
[Healthcare ]
[Consumer Protection ]
[Small Business ]
[Data Privacy ]
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
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Internet Gambling Regulation, Consumer Protection, and Enforcement Act [HB-2267]
[Consumer Protection ]
[Crime ]
[Finance ]
[Gaming ]
[Technology and Innovation ]
[Cybersecurity ]
[Data Privacy ]
[Public Safety ]
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
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Sponsored by: Rep. Raul M. Grijalva
Committee On Energy And Commerce Discharged. on 11/30/2010
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Data Accountability and Trust Act [HB-2221]
[Consumer Protection ]
[Cybersecurity ]
[Data Privacy ]
[Technology and Innovation ]
[Law Enforcement ]
[Public Safety ]
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;
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Sponsored by: Rep. Janice D. Schakowsky
Received In The Senate And Read Twice And Referred To The Committee On Commerce, Science, And Transportation. on 12/09/2009
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Student Credit Card Transparency Act of 2009 [HB-2217]
[Consumer Protection ]
[Education ]
[Finance ]
[Student Loans ]
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
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Sponsored by: Rep. Patrick J. Murphy
Referred To The House Committee On Financial Services. on 04/30/2009
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Government Charge Card Abuse Prevention Act of 2009 [HB-2189]
[Budget and Spending ]
[Defense ]
[Law Enforcement ]
[National Security ]
[Transportation and Motor Vehicles ]
[Public Safety ]
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
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Sponsored by: Rep. Gregg Harper
Referred To The Subcommittee On Readiness. on 01/12/2010
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Government Credit Card Abuse Prevention Act of 2009 [HB-216]
[Budget and Spending ]
[Finance ]
[Law Enforcement ]
[National Security ]
[Technology and Innovation ]
[Transportation and Motor Vehicles ]
[Crime ]
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
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Sponsored by: Rep. Gregg Harper
Referred To The Subcommittee On Government Management, Organization, And Procurement. on 05/04/2009
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Predatory Mortgage Lending Practices Reduction Act [HB-2108]
[Real Estate ]
[Housing ]
[Finance ]
[Consumer Protection ]
[Community Development ]
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
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Sponsored by: Rep. Marcia L. Fudge
Referred To The House Committee On Financial Services. on 04/27/2009
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American Credit Card Reform Act [HB-2007]
[Consumer Protection ]
[Finance ]
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
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Sponsored by: Rep. Eric J.J. Massa
Referred To The House Committee On Financial Services. on 04/21/2009
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Helping Families Save Their Homes in Bankruptcy Act of 2009 [HB-200]
[Housing ]
[Finance ]
[Real Estate ]
[Veterans ]
[Agriculture ]
[Consumer Protection ]
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
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Sponsored by: Rep. Raul M. Grijalva
Reported (amended) By The Committee On Judiciary. H. Rept. 111-19. on 02/24/2009
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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]
[Consumer Protection ]
[Finance ]
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
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Sponsored by: Rep. Susan A. Davis
Sponsor Introductory Remarks On Measure. (cr E876-877) on 04/02/2009
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Fairness for Homeowners Act of 2009 [HB-1782]
[Housing ]
[Real Estate ]
[Finance ]
[Consumer Protection ]
[Insurance ]
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)
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Sponsored by: Rep. Elijah E. Cummings
Referred To The House Committee On Financial Services. on 03/30/2009
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✔
To make technical corrections to the Higher Education Act of 1965, and for other purposes. [HB-1777]
[Education ]
[Student Loans ]
[Veterans ]
[International ]
[Disabilities ]
[Military ]
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
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Sponsored by: Rep. Brett Guthrie
Signed By President. on 07/01/2009
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Consumer Rental Purchase Agreement Act [HB-1744]
[Consumer Protection ]
[Finance ]
[Crime ]
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
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Sponsored by: Rep. Henry C. Johnson
Referred To The House Committee On Financial Services. on 03/26/2009
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Mortgage Reform and Anti-Predatory Lending Act [HB-1728]
[Real Estate ]
[Housing ]
[Consumer Protection ]
[Finance ]
[Funding ]
[Grants ]
[Law Enforcement ]
[Property Tax ]
[Public Safety ]
[Small Business ]
[Insurance ]
[Economic Development ]
[Crime ]
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
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Sponsored by: Rep. Gregory W. Meeks
Received In The Senate And Read Twice And Referred To The Committee On Banking, Housing, And Urban Affairs. on 05/12/2009
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Financial Product Safety Commission Act of 2009 [HB-1705]
[Finance ]
[Consumer Protection ]
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
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Sponsored by: Rep. Janice D. Schakowsky
Referred To The House Committee On Financial Services. on 03/25/2009
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Interest Rate Reduction Act [HB-1640]
[Consumer Protection ]
[Finance ]
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
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Sponsored by: Rep. Barbara Lee
Referred To The House Committee On Financial Services. on 03/19/2009