H.R.627 - Credit CARD Act of 2009

To amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes. view all titles (10)

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All Bill Titles

  • Official: To amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes. as introduced.
  • Short: Credit Cardholders' Bill of Rights Act of 2009 as introduced.
  • Short: Credit Cardholders' Bill of Rights Act of 2009 as reported to house.
  • Short: Credit Cardholders' Bill of Rights Act of 2009 as passed house.
  • Short: Credit Card Accountability Responsibility and Disclosure Act of 2009, or the Credit CARD Act of 2009 as passed senate.
  • Popular: Credit CARD Act of 2009 as introduced.
  • Short: Credit Card Accountability Responsibility and Disclosure Act of 2009 as passed senate.
  • Short: Credit CARD Act of 2009 as passed senate.
  • Short: Credit Card Accountability Responsibility and Disclosure Act of 2009 as enacted.
  • Short: Credit CARD Act of 2009 as enacted.

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Bill's Views

  • Today: 62
  • Past Seven Days: 266
  • All-Time: 99,781
 
Introduced
 
House
Passed
 
Senate
Passed
 
President
Signed
 

 
01/21/09
 
04/30/09
 
05/18/09
 
05/21/09
 

Official Bill Text Comment on about 87 Pages

Sponsor

Representative

Carolyn Maloney

D-NY

View Co-Sponsors (128)
 

Latest Vote

Result: Passed - May 20, 2009

Roll call number 277 in the House

Question: Concur In Sec. 512 of Sen Amdt.: H R 627 Credit Cardholders’ Bill of Rights Act of 2009

Required percentage of 'Aye' votes: 1/2 (50%)
Percentage of 'aye' votes: 64%
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Democrats Voting 'Aye'

John Adler
Rep. Jason Altmire [D, PA-4]
Michael Arcuri
Rep. Joe Baca [D, CA-43]
Rep. John Barrow [D, GA-12]
Melissa Bean
Rep. Shelley Berkley [D, NV-1]
Robert Berry
Rep. Sanford Bishop [D, GA-2]
John Boccieri
Rep. Dan Boren [D, OK-2]
Rep. Leonard Boswell [D, IA-3]
Frederick Boucher
Allen Boyd
Bobby Bright
Rep. Dennis Cardoza [D, CA-18]
Christopher Carney
Rep. Ben Chandler [D, KY-6]
Travis Childers
Rep. Jim Costa [D, CA-20]
Rep. Jerry Costello [D, IL-12]
Rep. Joe Courtney [D, CT-2]
Rep. Henry Cuellar [D, TX-28]
Kathleen Dahlkemper
Lincoln Davis
Artur Davis
Rep. Peter DeFazio [D, OR-4]
Rep. Diana DeGette [D, CO-1]
Rep. John Dingell [D, MI-15]
Rep. Joe Donnelly [D, IN-2]
Steve Driehaus
Thomas Edwards
Brad Ellsworth
Bob Etheridge
Bill Foster
Rep. Gabrielle Giffords [D, AZ-8]
Barton Gordon
Alan Grayson
Rep. Raymond Green [D, TX-29]
Deborah Halvorson
Rep. Martin Heinrich [D, NM-1]
Stephanie Herseth Sandlin
Rep. Brian Higgins [D, NY-27]
Baron Hill
Rep. Maurice Hinchey [D, NY-22]
Paul Hodes
Rep. Tim Holden [D, PA-17]
Rep. Henry Johnson [D, GA-4]
Steve Kagen
Paul Kanjorski
Patrick Kennedy
Rep. Ronald Kind [D, WI-3]
Ann Kirkpatrick
Rep. Larry Kissell [D, NC-8]
Frank Kratovil
Daniel Maffei
Betsy Markey
James Marshall
Eric Massa
Rep. Jim Matheson [D, UT-2]
Rep. Mike McIntyre [D, NC-7]
Rep. Jerry McNerney [D, CA-11]
Kendrick Meek
Rep. Gregory Meeks [D, NY-6]
Charles Melancon
Rep. Michael Michaud [D, ME-2]
Walter Minnick
Harry Mitchell
Alan Mollohan
Scott Murphy
Patrick Murphy
John Murtha
Glenn Nye
James Oberstar
David Obey
Solomon Ortiz
Rep. Frank Pallone [D, NJ-6]
Rep. Ed Perlmutter [D, CO-7]
Thomas Perriello
Rep. Collin Peterson [D, MN-7]
Earl Pomeroy
Rep. Nick Rahall [D, WV-3]
Rep. Silvestre Reyes [D, TX-16]
Ciro Rodriguez
Rep. Mike Ross [D, AR-4]
Rep. Timothy Ryan [D, OH-17]
John Salazar
Mark Schauer
Rep. Kurt Schrader [D, OR-5]
Rep. Heath Shuler [D, NC-11]
Rep. Albio Sires [D, NJ-13]
Ike Skelton
Rep. Adam Smith [D, WA-9]
Zachary Space
John Spratt
Bart Stupak
John Tanner
Gene Taylor
Harry Teague
Rep. Bennie Thompson [D, MS-2]
Dina Titus
Rep. Timothy Walz [D, MN-1]
Rep. Peter Welch [D, VT-0]
Charles Wilson
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Republicans Voting 'Aye'

Rep. Robert Aderholt [R, AL-4]
Rep. Todd Akin [R, MO-2]
Rep. Rodney Alexander [R, LA-5]
Rep. Steve Austria [R, OH-7]
Rep. Spencer Bachus [R, AL-6]
Rep. Roscoe Bartlett [R, MD-6]
Rep. Joe Barton [R, TX-6]
Rep. Judy Biggert [R, IL-13]
Rep. Brian Bilbray [R, CA-50]
Rep. Gus Bilirakis [R, FL-9]
Rep. Rob Bishop [R, UT-1]
Rep. Marsha Blackburn [R, TN-7]
Sen. Roy Blunt [R, MO]
Rep. John Boehner [R, OH-8]
Rep. Jo Bonner [R, AL-1]
Rep. Mary Bono Mack [R, CA-45]
Sen. John Boozman [R, AR]
Rep. Charles Boustany [R, LA-7]
Rep. Kevin Brady [R, TX-8]
Rep. Paul Broun [R, GA-10]
Henry Brown
Virginia Brown-Waite
Rep. Vern Buchanan [R, FL-13]
Rep. Michael Burgess [R, TX-26]
Rep. Dan Burton [R, IN-5]
Stephen Buyer
Rep. Ken Calvert [R, CA-44]
Rep. David Camp [R, MI-4]
Rep. John Campbell [R, CA-48]
Rep. Eric Cantor [R, VA-7]
Anh Cao
Rep. Shelley Capito [R, WV-2]
Rep. John Carter [R, TX-31]
Rep. Bill Cassidy [R, LA-6]
Rep. Jason Chaffetz [R, UT-3]
Rep. Howard Coble [R, NC-6]
Rep. Mike Coffman [R, CO-6]
Rep. Tom Cole [R, OK-4]
Rep. Michael Conaway [R, TX-11]
Rep. Ander Crenshaw [R, FL-4]
Rep. John Culberson [R, TX-7]
Rep. Geoff Davis [R, KY-4]
Nathan Deal
Rep. Charles Dent [R, PA-15]
Lincoln Diaz-Balart
Rep. Mario Diaz-Balart [R, FL-21]
Rep. David Dreier [R, CA-26]
Rep. John Duncan [R, TN-2]
Vernon Ehlers
Rep. Jo Ann Emerson [R, MO-8]
Mary Fallin
Rep. Jeff Flake [R, AZ-6]
Rep. John Fleming [R, LA-4]
Rep. Randy Forbes [R, VA-4]
Rep. Jeffrey Fortenberry [R, NE-1]
Rep. Virginia Foxx [R, NC-5]
Rep. Trent Franks [R, AZ-2]
Rep. Rodney Frelinghuysen [R, NJ-11]
Rep. Elton Gallegly [R, CA-24]
Rep. Scott Garrett [R, NJ-5]
Rep. Jim Gerlach [R, PA-6]
Rep. John Gingrey [R, GA-11]
Rep. Louis Gohmert [R, TX-1]
Rep. Robert Goodlatte [R, VA-6]
Rep. Kay Granger [R, TX-12]
Rep. Samuel Graves [R, MO-6]
Parker Griffith
Rep. Brett Guthrie [R, KY-2]
Rep. Ralph Hall [R, TX-4]
Rep. Gregg Harper [R, MS-3]
Rep. Doc Hastings [R, WA-4]
Sen. Dean Heller [R, NV]
Rep. Jeb Hensarling [R, TX-5]
Rep. Walter Herger [R, CA-2]
Peter Hoekstra
Rep. Duncan Hunter [R, CA-52]
Bob Inglis
Rep. Darrell Issa [R, CA-49]
Rep. Lynn Jenkins [R, KS-2]
Rep. Samuel Johnson [R, TX-3]
Rep. Timothy Johnson [R, IL-15]
Rep. Walter Jones [R, NC-3]
Rep. Jim Jordan [R, OH-4]
Rep. Peter King [R, NY-3]
Rep. Steve King [R, IA-5]
Rep. Jack Kingston [R, GA-1]
Rep. John Kline [R, MN-2]
Rep. Doug Lamborn [R, CO-5]
Rep. Leonard Lance [R, NJ-7]
Rep. Thomas Latham [R, IA-4]
Rep. Steven LaTourette [R, OH-14]
Rep. Robert Latta [R, OH-5]
Rep. Christopher Lee [R, NY-26]
Rep. Jerry Lewis [R, CA-41]
John Linder
Rep. Frank LoBiondo [R, NJ-2]
Rep. Frank Lucas [R, OK-3]
Rep. Blaine Luetkemeyer [R, MO-9]
Rep. Cynthia Lummis [R, WY-0]
Rep. Daniel Lungren [R, CA-3]
Rep. Connie Mack [R, FL-14]
Rep. Donald Manzullo [R, IL-16]
Rep. Kenny Marchant [R, TX-24]
Rep. Kevin McCarthy [R, CA-22]
Rep. Michael McCaul [R, TX-10]
Rep. Tom McClintock [R, CA-4]
Rep. Thaddeus McCotter [R, MI-11]
Rep. Patrick McHenry [R, NC-10]
John McHugh
Rep. Howard McKeon [R, CA-25]
Rep. Cathy McMorris Rodgers [R, WA-5]
Rep. John Mica [R, FL-7]
Rep. Jeff Miller [R, FL-1]
Rep. Candice Miller [R, MI-10]
Rep. Gary Miller [R, CA-42]
Sen. Jerry Moran [R, KS]
Rep. Tim Murphy [R, PA-18]
Rep. Sue Myrick [R, NC-9]
Rep. Randy Neugebauer [R, TX-19]
Rep. Devin Nunes [R, CA-21]
Rep. Pete Olson [R, TX-22]
Rep. Ronald Paul [R, TX-14]
Rep. Erik Paulsen [R, MN-3]
Rep. Mike Pence [R, IN-6]
Rep. Thomas Petri [R, WI-6]
Rep. Joseph Pitts [R, PA-16]
Rep. Todd Platts [R, PA-19]
Rep. Ted Poe [R, TX-2]
Rep. Bill Posey [R, FL-15]
Rep. Tom Price [R, GA-6]
Adam Putnam
George Radanovich
Rep. Dennis Rehberg [R, MT-0]
Rep. Dave Reichert [R, WA-8]
Rep. Phil Roe [R, TN-1]
Rep. Michael Rogers [R, AL-3]
Rep. Harold Rogers [R, KY-5]
Rep. Michael Rogers [R, MI-8]
Rep. Dana Rohrabacher [R, CA-46]
Rep. Thomas Rooney [R, FL-16]
Rep. Peter Roskam [R, IL-6]
Rep. Ileana Ros-Lehtinen [R, FL-18]
Rep. Edward Royce [R, CA-40]
Rep. Paul Ryan [R, WI-1]
Rep. Steve Scalise [R, LA-1]
Rep. Jean Schmidt [R, OH-2]
Rep. Aaron Schock [R, IL-18]
Rep. James Sensenbrenner [R, WI-5]
Rep. Peter Sessions [R, TX-32]
John Shadegg
Rep. John Shimkus [R, IL-19]
Rep. William Shuster [R, PA-9]
Rep. Michael Simpson [R, ID-2]
Rep. Christopher Smith [R, NJ-4]
Rep. Lamar Smith [R, TX-21]
Rep. Adrian Smith [R, NE-3]
Mark Souder
Rep. Clifford Stearns [R, FL-6]
Rep. John Sullivan [R, OK-1]
Rep. Lee Terry [R, NE-2]
Rep. Glenn Thompson [R, PA-5]
Rep. William Thornberry [R, TX-13]
Todd Tiahrt
Rep. Patrick Tiberi [R, OH-12]
Rep. Michael Turner [R, OH-3]
Rep. Frederick Upton [R, MI-6]
Rep. Greg Walden [R, OR-2]
Zach Wamp
Rep. Lynn Westmoreland [R, GA-3]
Rep. Edward Whitfield [R, KY-1]
Rep. Addison Wilson [R, SC-2]
Rep. Rob Wittman [R, VA-1]
Rep. Frank Wolf [R, VA-10]
Rep. Bill Young [R, FL-10]
Rep. Donald Young [R, AK-0]
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Others Voting 'Aye'

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Others Voting 'Abstain'

 

OpenCongress Summary

Broadly, this bill seeks to establish transparency between all actors participating in the consumer credit market. More specifically, it seeks to restrict unfair interest rate hikes, fees and penalties. It also bans credit card companies from knowingly issuing cards to people under the age of 18. Furthermore, it calls for the broad dissemination of information by creditors to the public regarding changes and developments in credit card accounts, methods of contact, and credit counseling services, and by the Federal Reserve Board to Congress and the public, alike, regarding the general health of the consumer credit market.
OpenCongress bill summaries are written by OpenCongress editors and are entirely independent of Congress and the federal government. For the summary provided by Congress itself, via the Congressional Research Service, see the "Official Summary" below.

Official Summary

5/22/2009--Public Law. (This measure has not been amended since it was passed by the Senate on May 19, 2009. The summary of that version is repeated here.) Credit Card Accountability Responsibility and Disclosure Act of 2009 or the Credit CARD Act of 2009 - (Sec. 2) Authorizes the Board of
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Official Summary

5/22/2009--Public Law. (This measure has not been amended since it was passed by the Senate on May 19, 2009. The summary of that version is repeated here.) Credit Card Accountability Responsibility and Disclosure Act of 2009 or the Credit CARD Act of 2009 -

(Sec. 2)

Authorizes the Board of Governors of the Federal Reserve System (Federal Reserve Board) to issue rules and publish model forms to implement this Act.

(Sec. 3)

Makes this Act effective nine months after its enactment. Title I: Consumer Protection -

(Sec. 101)

Amends the Truth in Lending Act (TILA), with respect to credit card accounts under an open end consumer credit plan, to require a creditor to provide written notice not later than 45 days prior to the effective date of:
(1) any increase in an annual percentage rate (APR); and
(2) any significant change, as determined by rule of the Federal Reserve Board, in the terms of the cardholder agreement (including an increase in fees or finance charges). Prohibits a creditor from increasing any annual percentage rate (APR) of interest, fee, or finance charge applicable to the existing balance on an open end consumer credit card account unless specified conditions are met. Allows a creditor to increase an APR, fee, or finance charge only if the increase is due solely to:
(1) expiration of a specified time period (e.g., promotional period) disclosed clearly and conspicuously to the consumer before commencement of the time period;
(2) a change in index not under the creditor's control;
(3) payment not received during the 30-day grace period after the due date; or
(4) completion of a workout or temporary hardship arrangement, or the consumer's failure to comply with such an arrangement. Prohibits any APR increase relating to such an arrangement from exceeding the APR applicable to the particular category of transactions on the day before the effective date of the arrangement. Prohibits a creditor from changing the terms governing repayment of an outstanding balance; but permits the creditor to provide the obligor with specified repayment methods. Requires a creditor that increases the APR based upon factors including the obligor's credit risk, market conditions, or other factors to:
(1) consider changes in such factors in subsequently determining whether to reduce the APR for such obligor; and
(2) reduce the APR when a review indicates a reduction. Declares that no increase in any APR, fee, or finance charge, with certain exceptions, shall be effective before the end of the one-year period beginning on the date on which the account is opened. States that, in the case of a promotional rate, no written notice of an increase in the APR shall be effective before the end of a six-month period beginning from the date the promotional rate takes effect.

(Sec. 102)

Prohibits imposition of a finance charge, with certain exceptions, upon a credit card account balance that is based on balances for days in billing cycles preceding the most recent billing cycle (double billing cycle) as a result of the loss of any grace period. Prohibits penalties for on-time payments. Prohibits the charge of an over-the-limit fee unless the consumer expressly permits the creditor to complete the relevant transaction (opt-in). Allows imposition of an over-the-limit fee only once during a billing cycle. Prohibits its imposition more than once in two subsequent billing cycles with respect to such excess credit, unless the consumer:
(1) has obtained an additional extension of credit in excess of the credit limit during any such subsequent cycle; or
(2) reduces the outstanding balance below the credit limit as of the end of such billing cycle. Prohibits a creditor from imposing a separate fee related to the method of payment (by mail, electronic transfer, telephone authorization, or other means), unless the payment involves an expedited service by the creditor's service representative. Requires any penalty fee or charge to be reasonable and proportional to the omission or violation involved. Directs the Federal Reserve Board to establish standards for assessing whether the amount of any penalty fee or charge is reasonable and proportional to the omission or violation to which the fee or charge relates.

(Sec. 103)

Limits the use of the term "fixed," in conjunction with an APR or applicable interest rate, to a rate that will not change or vary for any reason over the period specified clearly and conspicuously in the terms of the account.

(Sec. 104)

Revises requirements governing crediting of payments. Requires a card issuer, upon receipt of payment, to apply amounts in excess of the minimum payment amount first to the balance bearing the highest rate of interest, and then to each successive balance bearing the next highest rate of interest, until the payment is exhausted. Requires a creditor to allocate the entire amount paid in excess of the minimum payment to a balance on which interest is deferred during the last two billing cycles immediately preceding the expiration of the period during which interest is deferred. Prohibits a card issuer from imposing any late fee or finance charge for a late payment if:
(1) the issuer makes a material change in the mailing address, office, or procedures for handling cardholder payments; and
(2) such change causes a material delay in the crediting of payment made during the 60-day period following the date on which such change took effect.

(Sec. 105)

Prescribes a standard for the initial issuance of subprime or "fee harvester" cards (accounts requiring first-year fee payments in excess of 25% of the total amount of credit authorized). Prohibits payment of any fee from the credit made available by the card (other than any late fee, over-the-limit fee, or any fee for a payment returned for insufficient funds).

(Sec. 106)

Requires the payment due date to be the same day each month, or the next business day if such date falls on a weekend or holiday. Revises requirements for the timing of payments and the grace period. Requires each periodic statement of payment due to be mailed no later than 21 days before the payment due date.

(Sec. 107)

Revises civil penalties for creditor noncompliance with TILA. Includes in such penalties twice the amount of any finance charge in connection with a transaction, between $500 and $5,000 (or a higher amount in the case of an established pattern or practice of noncompliance), in the case of an individual action relating to an open end consumer credit plan that is not secured by real property or a dwelling.

(Sec. 109)

Requires a card issuer to consider the ability of the consumer to make required payments as a prerequisite to opening any consumer credit card account, or increasing any credit limit. Title II: Enhanced Consumer Disclosures -

(Sec. 201)

Revises and expands requirements for mandatory minimum payment disclosures a creditor must furnish. Directs the Federal Reserve Board to issue guidelines, by rule, for the establishment and maintenance by creditors of a toll-free telephone number for purposes of providing information about accessing credit counseling and debt management services.

(Sec. 202)

Revises requirements relating to late payment deadlines. Requires specified disclosures relating to increases in interest rates for late payments. States that the date on which the obligor makes a payment at the local branch of a creditor financial institution shall be considered to be the date on which the payment is made for purposes of determining whether a late fee or charge may be imposed due to the failure of the obligor to make payment on or before the due date for such payment.

(Sec. 203)

Requires a card issuer that has changed or amended any term of the account since the last renewal that has not been previously disclosed to make such a disclosure to the consumer by a certain deadline.

(Sec. 204)

Requires creditors to post on an Internet site the written agreement between the creditor and the consumer for each open-end consumer credit plan.

(Sec. 205)

Amends the Fair Credit Reporting Act to require any advertisement for a free credit report to disclose prominently that free credit reports are available under federal law at AnnualCreditReport.com (or other authorized source). Title III: Protection of Young Consumers -

(Sec. 301)

Amends TILA to prohibit extensions of credit to consumers under age 21, unless the consumer has submitted a written application that meets specified requirements. Requires any such application to be signed by a cosigner, including the parent, legal guardian, spouse, or any other individual who has attained the age of 21 having a means to repay debts incurred by the consumer in connection with the account.

(Sec. 302)

Amends the Fair Credit Reporting Act to permit a consumer reporting agency to furnish a consumer report regarding credit or insurance transactions that are not initiated by the consumer only if the report does not contain a date of birth that shows that the consumer has not attained the age of 21, or, if the date of birth on the consumer report shows that the consumer has not attained the age of 21, the consumer consents to the furnishing of such report.

(Sec. 303)

Amends TILA to require approval by the jointly liable party to increase credit lines for accounts for which a parent, legal guardian, spouse of the consumer, or any other individual is jointly liable.

(Sec. 304)

Requires an institution of higher education to disclose publicly any agreement made with a card issuer or creditor for the purpose of marketing a credit card. Prohibits a card issuer or creditor from offering to a student at an institution of higher education any tangible item as inducement to participate in an open end consumer credit plan if such offer is made:
(1) on or near the campus of the institution; or
(2) at an event sponsored by or related to such institution. Expresses the sense of Congress that each institution of higher education should consider adopting the following policies relating to credit cards:
(1) that any card issuer that markets a credit card on the campus notify the institution of the location at which such marketing will take place;
(2) that the number of locations on the campus at which the marketing of credit cards takes place be limited; and
(3) that credit card and debt education and counseling sessions be offered as a regular part of any orientation program for new students.

(Sec. 305)

Requires each creditor to submit an annual report to the Federal Reserve Board containing the terms and conditions of all business, marketing, and promotional agreements and college affinity card agreements with an institution of higher education, or with an affiliated or related alumni organization or foundation, with respect to any college student credit card issued to a college student at such institution. Directs to the Federal Reserve Board to report to Congress, and make available to the public, on the information concerning credit card agreements submitted to it by each institution of higher education, alumni organization, or foundation. Directs the Comptroller General to review and report to Congress about the mandatory reports submitted by creditors as well as their marketing practices to determine the impact that college affinity card agreements and college student card agreements have upon credit card debt. Title IV: Gift Cards -

(Sec. 401)

Amends the Electronic Fund Transfer Act to declare unlawful:
(1) the imposition of a dormancy fee, an inactivity charge or fee, or a service fee with respect to a gift certificate, store gift card, or general-use prepaid card; and
(2) the sale or issuance of a gift certificate, store gift card, or general-use prepaid card that is subject to an expiration date. Title V: Miscellaneous Provisions -

(Sec. 501)

Instructs the Comptroller General to study and report to Congress on use of credit by consumers, interchange fees, and their effects on consumers and merchants.

(Sec. 502)

Directs the Federal Reserve Board to review biennially and report to Congress on specified aspects of the consumer credit card market. Directs the federal banking agencies and the Federal Trade Commission (FTC) to report annually to the Federal Reserve Board, for inclusion in its annual report to Congress, on their regulatory activities regarding credit card issuer compliance with federal consumer protection statutes and regulations.

(Sec. 503)

Directs the Secretary of the Treasury to issue regulations implementing the Bank Secrecy Act regarding the sale, issuance, redemption, or international transport of stored value, including stored value cards.

(Sec. 504)

Amends TILA to direct the Federal Reserve Board to prescribe regulations to require creditors to establish procedures to ensure that any administrator of the estate of any deceased obligor can resolve outstanding credit balances of the estate in a timely manner.

(Sec. 505)

Directs the Federal Reserve Board to report to certain congressional committees on the extent to which creditors have reduced credit limits or raised interest rates applicable to credit card accounts based on specified factors, including the geographical location of a credit transaction, the identity of the merchant involved, the consumer's credit transactions, and the identity of a consumer's mortgage creditor.

(Sec. 506)

Directs the Federal Reserve Board to review and report to Congress on:
(1) the use of credit cards by small businesses with not more than 50 employees; and
(2) the credit card market for such businesses.

(Sec. 507)

Directs the Administrator of the Small Business Administration (SBA), in conjunction with the Secretary of Homeland Security, to establish the Small Business Information Security Task Force to:
(1) address the information technology security needs of small business concerns; and
(2) help them prevent the loss of credit card data. Requires the task force to make recommendations to the SBA Administrator about establishment of an Internet website to receive and dispense information and resources with respect to:
(1) the information technology security needs of small business concerns; and
(2) the programs and services provided by the federal government, state governments, and nongovernment organizations (NGOs) that serve those needs. Requires the task force to make recommendations also relating to developing additional education materials and programs with respect to information technology security needs. Authorizes appropriations for FY2020-FY2013.

(Sec. 508)

Directs the FTC to study and report to Congress on the cost-effectiveness of making technology available at an automated teller machines (ATM) that enables a consumer under duress to alert a local law enforcement agency electronically that an incident is taking place at the ATM.

(Sec. 509)

Directs the Comptroller General to study and report to Congress on the terms, conditions, marketing, and value to consumers of products marketed in conjunction with credit card offers.

(Sec. 510)

Directs the Secretary of Education and the Director of the Office of Financial Education of the Department of the Treasury to coordinate with the President's Advisory Council on Financial Literacy to report to Congress on:
(1) their evaluation and compilation of a comprehensive summary of existing federal financial and economic literacy education programs; and
(2) development of a strategic plan to improve and expand financial and economic literacy education.

(Sec. 511)

Amends the Omnibus Appropriations Act, 2009 to direct the FTC to initiate a rulemaking on unfair or deceptive acts or practices with respect to mortgage loans, loan modification, and foreclosure rescue services. Denies the FTC authority to promulgate a rule regarding an entity that is not subject to its enforcement powers. Authorizes a state, as parens patriae, to bring a civil action on behalf of its residents if the state attorney general believes that an interest of state residents is threatened or adversely affected by action of any person subject to an FTC-prescribed rule in a practice that violates such rule.

(Sec. 512)

Prohibits the Secretary of the Interior from promulgating or enforcing any regulation that prohibits an individual from possessing a firearm, including an assembled or functional firearm, in any unit of the National Park System (NPS) or the National Wildlife Refuge System (NWRS) if:
(1) the individual is not otherwise prohibited by law from possessing the firearm; and
(2) the possession of the firearm complies with the law of the state in which the NPS or NWRS unit is located.

(Sec. 513)

Requires the Comptroller General to study and report to Congress on:
(1) the relationship between fluency in the English language and financial literacy; and
(2) any extent to which individuals whose native language is a language other than English are impeded in their conduct of their financial affairs.

...Read the Rest

Organizations Supporting H.R.627

  • Consumer Federation of America
  • Consumers Union
  • Demos
  • U.S. Public Interest Research Groups
  • Public Citizen
  • Center for Responsible Lending
  • ...and 8 more. See all.

Organizations Opposing H.R.627

  • Independent Community Bankers of America
  • American Bankers Association
  • Credit Union National Association
See the money trail behind this bill for more info on how campaign contributions may be influencing senators' and representatives' votes.


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Recent News Coverage

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09/29/10
Lawmakers and financial votes: A scorecard

A yes vote was to send President Obama a bill (HR 627) that, in part, required 45 days' notice of rate hikes and banned arbitrary contract changes. 10. ...

Source: Lake Zurich Courier
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09/26/10
Content of Specific Issue field

... financial services regulatory reform and the creation of a consumer financial protection agency, including the following legislation: HR 627 - Credit ...

Source: Center for Responsive Politics
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02/21/10
RE: H.R.627

... get into any trouble with one,” she said. To see full text on the bill and the rest of the Credit Card Act, go to www.opencongress.org and search HR 627.

Source: University Daily Kansan
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Recent Blog Coverage

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11/30/11
Why is it that credit scores depend a lot on paying on time but ...

... under the new credit card legislation that is going into affect in the US (Credit Card Accountability Responsibility and Disclosure Act of 2009 , section 106 http://www.opencongress.org/bill/111-h627/show ). ...

Source: http://creditrepaircures.org/
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07/22/11
House Roll Call #627 Details - OpenCongress

Back to Main Bill Page. July 22, 2011 Roll call number 627 in the House. Question On Agreeing to the Amendment: Amendment 15 to H R 2551. Ayes: 176 (Democrat: 165; Republican: 11). Nays: 235 (Democrat: 17; Republican: 218) ...

Source: opencongress.org
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02/08/11
Overview - OpenCongress

Section.512. of Public Law 111-24^ Amendment SA 1067 proposed by Senator Coburn to Amendment SA 1058 of HR 627^ Lillis, Mike (2009-05-12). “Senate Approves Coburn Gun Amendmentin Credit Card Bill”. ... Source: admin ...

Source: opencongress.org
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