Credit Card Interchange Fees Act of 2008

To amend the Truth in Lending Act to prohibit unfair practices in electronic payment system networks, and for other purposes.

6/11/2008--Introduced.
Credit Card Interchange Fees Act of 2008 - 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; r />(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; and
(4) fees for failure of the merchant to provide a particular number of transactions. Requires an electronic payment system network to disclose its contract terms to the merchant, including its complete operating rules, without restricting the merchant's use of such information. Directs the Federal Trade Commission (FTC) to prescribe regulations to:
(1) ensure that the rules, terms, and conditions to which a merchant or consumer is subject under an agreement with an electronic payment system network are neither unfair nor deceptive to consumers and merchants, nor anticompetitive;
(2) prohibit any unfair or deceptive act or practice or anticompetitive act or practice that may result from such rule, term, or condition; and
(3) regularly review such rules, terms, and conditions. Directs the Board of Governors of the Federal Reserve System to collect and disseminate to the public:
(1) complete information on fees charged by each electronic payment system network in connection with consumer-initiated transactions; and
(2) the rules, terms, and conditions to which a merchant or a consumer is subject under an agreement with an electronic payment system network for transactions using payment cards.


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Sponsor

• Rep. Peter Welch [D, VT-0]
• and 3 Co-Sponsors
  • Rep. Bruce Braley [D, IA-1]
  • Rep. Danny Davis [D, IL-7]
  • Rep. Keith Ellison [D, MN-5]
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Committees

• House Financial Services

Amendments

This bill has no amendments.

Amendments to H.R.6248

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
June 11, 2008

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All Bill Actions

• Jun 11, 2008: Referred to the House Committee on Financial Services.
• Introduced on Jun 11, 2008.

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Blog Coverage

September 24, 2008 Congressman Welch Supports Credit Card Reform; Encourages Congress ...

I have introduced legislation, HR 6248, the Credit Card Interchange Fees Act, which would require credit card companies to disclose their interchange rates, terms, and conditions to consumers, businesses, and the public. ...

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Source: Credit cardsz

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July 15, 2008 Groups Send Message to Lawmakers About Credit Card Practices

The groups jointly urged Congressional action to pass the Credit Cardholders' Bill of Rights Act of 2008 (HR 5244), the Credit Card Fair Fee Act (HR 5546 and S. 3086), and the Credit Card Interchange Fees Act of 2008 (HR 6248)."

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Source: Payments News - from Glenbrook Partners

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

July 15, 2008 Groups Send Message to Lawmakers About Credit Card Practices

The groups jointly urged Congressional action to pass the Credit Cardholders' Bill of Rights Act of 2008 (HR 5244), the Credit Card Fair Fee Act (HR 5546 and S. 3086), and the Credit Card Interchange Fees Act of 2008 (HR 6248)."

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Source: Payments News - from Glenbrook Partners

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