S 235 ISCommentsClose CommentsPermalink

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.CommentsClose CommentsPermalink

January 14, 2009CommentsClose CommentsPermalink

Mr. SCHUMER (for himself and Mr. UDALL of Colorado) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban AffairsCommentsClose CommentsPermalink

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.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Credit Cardholders’ Bill of Rights Act of 2009’.CommentsClose CommentsPermalink

SEC. 2. CREDIT CARDS ON TERMS CONSUMERS CAN REPAY.

(a) Retroactive Rate Increases and Universal Default Limited- Chapter 2 of the Truth in Lending Act (15 U.S.C. 1631 et seq.) is amended by inserting after section 127A the following new section:CommentsClose CommentsPermalink

‘Sec. 127B. Additional requirements for credit card accounts under an open end credit plan

‘(a) Retroactive Rate Increases and Universal Default Limited-CommentsClose CommentsPermalink





‘(1) IN GENERAL- Except as provided in subsection (b), no creditor may increase any annual percentage rate of interest applicable to the existing balance on a credit card account of the consumer under an open end credit plan.CommentsClose CommentsPermalink





‘(2) EXISTING BALANCE DEFINED- For purposes of this subsection and subsections (b) and (c), the term ‘existing balance’ means the amount owed on a consumer credit card account as of the end of the 14th day after the creditor provides notice of an increase in the annual percentage rate in accordance with subsection (c).CommentsClose CommentsPermalink





‘(3) TREATMENT OF EXISTING BALANCES FOLLOWING RATE INCREASE- If a creditor increases any annual percentage rate of interest applicable to the credit card account of a consumer under an open end credit plan and there is an existing balance in the account to which such increase may not apply, the creditor shall allow the consumer to repay the existing balance using a method provided by the creditor which is at least as beneficial to the consumer as one of the following methods:CommentsClose CommentsPermalink





‘(A) An amortization period for the existing balance of at least 5 years starting from the date on which the increased annual percentage rate went into effect.CommentsClose CommentsPermalink





‘(B) The percentage of the existing balance that was included in the required minimum periodic payment before the rate increase cannot be more than doubled.CommentsClose CommentsPermalink





‘(4) LIMITATION ON CERTAIN FEES- If--CommentsClose CommentsPermalink





‘(A) a creditor increases any annual percentage rate of interest applicable on a credit card account of the consumer under an open end credit plan; andCommentsClose CommentsPermalink





‘(B) the creditor is prohibited by this section from applying the increased rate to an existing balance,CommentsClose CommentsPermalink





the creditor may not assess any fee or charge based solely on the existing balance.’.CommentsClose CommentsPermalink





(b) Exceptions to the Amendment Made by Subsection (a)- Section 127B of the Truth in Lending Act is amended by inserting after subsection (a) (as added by subsection (a)) the following new subsection:CommentsClose CommentsPermalink





‘(b) Exceptions-CommentsClose CommentsPermalink





‘(1) IN GENERAL- A creditor may increase any annual percentage rate of interest applicable to the existing balance on a credit card account of the consumer under an open end credit plan only under the following circumstances:CommentsClose CommentsPermalink





‘(A) CHANGE IN INDEX- The increase is due solely to the operation of an index that is not under the creditor’s control and is available to the general public.CommentsClose CommentsPermalink





‘(B) EXPIRATION OR LOSS OF PROMOTIONAL RATE- The increase is due solely to--CommentsClose CommentsPermalink





‘(i) the expiration of a promotional rate; orCommentsClose CommentsPermalink





‘(ii) the loss of a promotional rate for a reason specified in the account agreement (e.g., late payment).CommentsClose CommentsPermalink





‘(C) PAYMENT NOT RECEIVED DURING 30-DAY GRACE PERIOD AFTER DUE DATE- The increase is due solely to the fact that the consumer’s minimum payment has not been received within 30 days after the due date for such minimum payment.CommentsClose CommentsPermalink





‘(2) LIMITATION ON INCREASES DUE TO LOSS OF PROMOTIONAL RATE- Notwithstanding paragraph (1)(B)(ii), the annual percentage rate in effect after the increase permitted under such subsection due to the loss of a promotional rate may not exceed the annual percentage rate that would have applied under the terms of the agreement after the expiration of the promotional rate.’.CommentsClose CommentsPermalink





(c) Advance Notice of Rate Increases- Section 127B of the Truth in Lending Act is amended by inserting after subsection (b) (as added by subsection (b)) the following new subsection:CommentsClose CommentsPermalink





‘(c) Advance Notice of Rate Increases- In the case of any credit card account under an open end credit plan, no increase in any annual percentage rate of interest may take effect unless the creditor provides a written notice to the consumer at least 45 days before the increase takes effect which fully describes the changes in the annual percentage rate, in a complete and conspicuous manner, and the extent to which such increase would apply to an existing balance.’.CommentsClose CommentsPermalink





(d) Clerical Amendment- The table of sections for chapter 2 of the Truth in Lending Act (15 U.S.C. 1631 et seq.) is amended by inserting after the item relating to section 127A the following new item:CommentsClose CommentsPermalink





‘127B. Additional requirements for credit card accounts under an open end credit plan.’.CommentsClose CommentsPermalink

SEC. 3. ADDITIONAL PROVISIONS REGARDING ACCOUNT FEATURES, TERMS, AND PRICING.

(a) Double Cycle Billing Prohibited- Section 127B of the Truth in Lending Act is amended by inserting after subsection (c) (as added by section 2(c)) the following new subsection:CommentsClose CommentsPermalink





‘(d) Double Cycle Billing-CommentsClose CommentsPermalink





‘(1) IN GENERAL- No finance charge may be imposed by a creditor with respect to any balance on a credit card account under an open end credit plan that is based on balances for days in billing cycles preceding the most recent billing cycle.CommentsClose CommentsPermalink





‘(2) EXCEPTIONS- Paragraph (1) shall not apply so as to prohibit a creditor from--CommentsClose CommentsPermalink





‘(A) charging a consumer for deferred interest even though that interest may have accrued over multiple billing cycles; orCommentsClose CommentsPermalink





‘(B) adjusting finance charges following resolution of a billing error dispute.’.CommentsClose CommentsPermalink





(b) Limitations Relating to Account Balances Attributable Only to Accrued Interest- Section 127B is amended by inserting after subsection (d) (as added by subsection (a)) the following new subsection:CommentsClose CommentsPermalink





‘(e) Limitations Relating to Account Balances Attributable Only to Accrued Interest-CommentsClose CommentsPermalink





‘(1) IN GENERAL- If the outstanding balance on a credit card account under an open end credit plan at the end of a billing period represents an amount attributable only to interest accrued during the preceding billing period on an outstanding balance that was fully repaid during the preceding billing period--CommentsClose CommentsPermalink





‘(A) no fee may be imposed or collected in connection with such balance attributable only to interest before such end of the billing period; andCommentsClose CommentsPermalink





‘(B) any failure to make timely repayments of the balance attributable only to interest before such end of the billing period shall not constitute a default on the account.CommentsClose CommentsPermalink





Such balance remains a legally binding debt obligation.CommentsClose CommentsPermalink





‘(2) RULE OF CONSTRUCTION- Paragraph (1) shall not be construed as affecting--CommentsClose CommentsPermalink





‘(A) the consumer’s obligation to pay any accrued interest on a credit card account under an open end credit plan; orCommentsClose CommentsPermalink





‘(B) the accrual of interest on the outstanding balance on any such account in accordance with the terms of the account and this title.’.CommentsClose CommentsPermalink





(c) Access to Payoff Balance Information- Section 127B of the Truth in Lending Act is amended by inserting after subsection (e) (as added by subsection (b)) the following new subsection:CommentsClose CommentsPermalink





‘(f) Payoff Balance Information- Each periodic statement provided by a creditor to a consumer with respect to a credit card account under an open end credit plan shall contain the telephone number, Internet address, and worldwide website at which the consumer may request the payoff balance on the account.’.CommentsClose CommentsPermalink





(d) Consumer Right To Reject Card Before Notice Is Provided of Open Account- Section 127B of the Truth in Lending Act is amended by inserting after subsection (g) (as added by subsection (c)) the following new subsection:CommentsClose CommentsPermalink





‘(g) Consumer Right To Reject Card Before Notice of New Account Is Provided to Consumer Reporting Agency-CommentsClose CommentsPermalink





‘(1) IN GENERAL- A creditor may not furnish any information to a consumer reporting agency (as defined in section 603) concerning the establishment of a newly opened credit card account under an open end credit plan until the credit card has been used or activated by the consumer.CommentsClose CommentsPermalink





‘(2) RULE OF CONSTRUCTION- Paragraph (1) shall not be construed as prohibiting a creditor from furnishing information about any application for a credit card account under an open end credit plan or any inquiry about any such account to a consumer reporting agency (as so defined).’.CommentsClose CommentsPermalink





(e) Use of Terms Clarified- Section 127B of the Truth in Lending Act is amended by inserting after subsection (g) (as added by subsection (d)) the following new subsection:CommentsClose CommentsPermalink





‘(h) Use of Terms- The following requirements shall apply with respect to the terms of any credit card account under any open end credit plan:CommentsClose CommentsPermalink





‘(1) ‘FIXED’ RATE- The term ‘fixed’, when appearing in conjunction with a reference to the annual percentage rate or interest rate applicable with respect to such account, may only be used to refer to an annual percentage rate or interest rate that will not change or vary for any reason over the period clearly and conspicuously specified in the terms of the account.CommentsClose CommentsPermalink





‘(2) PRIME RATE- The term ‘prime rate’, when appearing in any agreement or contract for any such account, may only be used to refer to the bank prime rate published in the Federal Reserve Statistical Release on selected interest rates (daily or weekly), and commonly referred to as the H.15 release (or any successor publication).CommentsClose CommentsPermalink





‘(3) DUE DATE-CommentsClose CommentsPermalink





‘(A) IN GENERAL- Each periodic statement for any such account shall contain a date by which the next periodic payment on the account must be made to avoid a late fee or be considered a late payment, and any payment received by 5 p.m., local time at the location specified by the creditor for the receipt of payment, on such date shall be treated as a timely payment for all purposes.CommentsClose CommentsPermalink





‘(B) CERTAIN ELECTRONIC FUND TRANSFERS- Any payment with respect to any such account made by a consumer online to the website of the credit card issuer or by telephone directly to the credit card issuer before 5 p.m., local time at the location specified by the creditor for the receipt of payment, on any business day shall be credited to the consumer’s account that business day.CommentsClose CommentsPermalink





‘(C) PRESUMPTION OF TIMELY PAYMENT- Any evidence provided by a consumer in the form of a receipt from the United States Postal Service or other common carrier indicating that a payment on a credit card account was sent to the issuer not less than 7 days before the due date contained in the periodic statement under subparagraph (A) for such payment shall create a presumption that such payment was made by the due date, which may be rebutted by the creditor for fraud or dishonesty on the part of the consumer with respect to the mailing date.’.CommentsClose CommentsPermalink





(f) Pro Rata Payment Allocations- Section 127B of the Truth in Lending Act is amended by inserting after subsection (h) (as added by subsection (e)) the following new subsection:CommentsClose CommentsPermalink





‘(i) Pro Rata Payment Allocations-CommentsClose CommentsPermalink





‘(1) IN GENERAL- Except as permitted under paragraph (2), if the outstanding balance on a credit card account under an open end credit plan accrues interest at two or more different annual percentage rates, the total amount of each periodic payment made on such account shall be allocated by the creditor between or among the outstanding balances at each such annual percentage rate in the same proportion as each such balance bears to the total outstanding balance on the account.CommentsClose CommentsPermalink





‘(2) ALLOCATION TO HIGHER RATE- Notwithstanding paragraph (1), a creditor may elect, in any case described in such paragraph, to allocate more than a pro rata share of any payment to a portion of the outstanding balance that bears a higher annual percentage rate than another portion of such outstanding balance.CommentsClose CommentsPermalink





‘(3) SPECIAL RULES FOR ACCOUNTS WITH PROMOTIONAL RATE BALANCES OR DEFERRED INTEREST BALANCES-CommentsClose CommentsPermalink





‘(A) IN GENERAL- Notwithstanding paragraph (1) or (2), in the case of a credit card account under an open end credit plan the current terms of which allow the consumer to receive the benefit of a promotional rate or deferred interest plan, amounts paid in excess of the required minimum payment shall be allocated to the promotional rate balance or the deferred interest balance only if other balances have been fully paid.CommentsClose CommentsPermalink





‘(B) EXCEPTION FOR DEFERRED INTEREST BALANCES- Notwithstanding subparagraph (A), a creditor may allocate the entire amount paid by the consumer in excess of the required minimum periodic payment to a balance on which interest is deferred during the 2 billing cycles immediately preceding the expiration of the period during which interest is deferred.CommentsClose CommentsPermalink





‘(4) PROHIBITION ON RESTRICTED GRACE PERIODS UNDER CERTAIN CIRCUMSTANCES- If, with respect to any credit card account under an open end credit, a creditor offers a time period in which to repay credit extended without incurring finance charges to cardholders who pay the balance in full, the creditor may not deny a consumer who takes advantage of a promotional rate balance or deferred interest rate balance offer with respect to such an account any such time period for repaying credit without incurring finance charges.’.CommentsClose CommentsPermalink





(g) Timely Provision of Periodic Statements- Section 127B of the Truth in Lending Act is amended by inserting after subsection (i) (as added by subsection (f)) the following new subsection:CommentsClose CommentsPermalink





‘(j) Timely Provision of Periodic Statements- Each periodic statement with respect to a credit card account under an open end credit plan shall be sent by the creditor to the consumer not less than 25 calendar days before the due date identified in such statement for the next payment on the outstanding balance on such account, and section 163(a) shall be applied with respect to any such account by substituting ‘25’ for ‘fourteen’.’.CommentsClose CommentsPermalink

SEC. 4. CONSUMER CHOICE WITH RESPECT TO OVER-THE-LIMIT TRANSACTIONS.

Section 127B of the Truth in Lending Act is amended by inserting after subsection (j) (as added by section 3(g)) the following new subsections:CommentsClose CommentsPermalink





‘(k) Opt-Out of Creditor Authorization of Over-the-Limit Transactions if Fees Are Imposed-CommentsClose CommentsPermalink





‘(1) IN GENERAL- In the case of any credit card account under an open end credit plan under which an over-the-limit fee may be imposed by the creditor for any extension of credit in excess of the amount of credit authorized to be extended under such account, the consumer may elect to prohibit the creditor, with respect to such account, from completing any transaction involving the extension of credit, with respect to such account, in excess of the amount of credit authorized by notifying the creditor of such election in accordance with paragraph (2).CommentsClose CommentsPermalink





‘(2) NOTIFICATION BY CONSUMER- A consumer shall notify a creditor under paragraph (1)--CommentsClose CommentsPermalink





‘(A) through the notification system maintained by the creditor under paragraph (4); orCommentsClose CommentsPermalink





‘(B) by submitting to the creditor a signed notice of election, by mail or electronic communication, on a form issued by the creditor for purposes of this subparagraph.CommentsClose CommentsPermalink





‘(3) EFFECTIVENESS OF ELECTION- An election by a consumer under paragraph (1) shall be effective beginning 3 business days after the creditor receives notice from the consumer in accordance with paragraph (2) and shall remain effective until the consumer revokes the election.CommentsClose CommentsPermalink





‘(4) NOTIFICATION SYSTEM- Each creditor that maintains credit card accounts under an open end credit plan shall establish and maintain a notification system, including a toll-free telephone number, Internet address, and worldwide website, which permits any consumer whose credit card account is maintained by the creditor to notify the creditor of an election under this subsection in accordance with paragraph (2).CommentsClose CommentsPermalink





‘(5) ANNUAL NOTICE TO CONSUMERS OF AVAILABILITY OF ELECTION- In the case of any credit card account under an open end credit plan, the creditor shall include a notice, in clear and conspicuous language, of the availability of an election by the consumer under this paragraph as a means of avoiding over-the-limit fees and a higher amount of indebtedness, and the method for providing such notice--CommentsClose CommentsPermalink





‘(A) in the periodic statement required under subsection (b) with respect to such account at least once each calendar year; andCommentsClose CommentsPermalink





‘(B) in any such periodic statement which includes a notice of the imposition of an over-the-limit fee during the period covered by the statement.CommentsClose CommentsPermalink





‘(6) NO FEES IF CONSUMER HAS MADE AN ELECTION- If a consumer has made an election under paragraph (1), no over-the-limit fee may be imposed on the account for any reason that has caused the outstanding balance in the account to exceed the credit limit.CommentsClose CommentsPermalink





‘(7) REGULATIONS-CommentsClose CommentsPermalink





‘(A) IN GENERAL- The Board shall issue regulations allowing for the completion of over-the-limit transactions that for operational reasons exceed the credit limit by a de minimis amount, even where the cardholder has made an election under paragraph (1).CommentsClose CommentsPermalink





‘(B) SUBJECT TO NO FEE LIMITATION- The regulations prescribed under subparagraph (A) shall not allow for the imposition of any fee or any rate increase based on the permitted over-the-limit transactions.CommentsClose CommentsPermalink





‘(l) Over-the-Limit Fee Restrictions- With respect to a credit card account under an open end credit plan, an over-the-limit fee may be imposed only once during a billing cycle if, on the last day of such billing cycle, the credit limit on the account is exceeded, and an over-the-limit fee, with respect to such excess credit, may be imposed only once in each of the 2 subsequent billing cycles, unless the consumer has obtained an additional extension of credit in excess of such credit limit during any such subsequent cycle or the consumer reduces the outstanding balance below the credit limit as of the end of such billing cycle.CommentsClose CommentsPermalink





‘(m) Over-the-Limit Fees Prohibited in Conjunction With Certain Credit Holds- Notwithstanding subsection (l), an over-the-limit fee may not be imposed if the credit limit was exceeded due to a hold unless the actual amount of the transaction for which the hold was placed would have resulted in the consumer exceeding the credit limit.’.CommentsClose CommentsPermalink

SEC. 5. STRENGTHEN CREDIT CARD INFORMATION COLLECTION.

Section 136(b) of the Truth in Lending Act (15 U.S.C. 1646(b)) is amended--CommentsClose CommentsPermalink





(1) in paragraph (1)--CommentsClose CommentsPermalink





(A) by striking ‘COLLECTION REQUIRED- The Board shall’ and inserting ‘COLLECTION REQUIRED-CommentsClose CommentsPermalink





‘(A) IN GENERAL- The Board shall’.CommentsClose CommentsPermalink





(B) by adding at the end the following new subparagraph:CommentsClose CommentsPermalink





‘(B) INFORMATION TO BE INCLUDED- The information under subparagraph (A) shall include, for the relevant semiannual period, the following information with respect each creditor in connection with any consumer credit card account:CommentsClose CommentsPermalink





‘(i) A list of each type of transaction or event during the semiannual period for which one or more creditors has imposed a separate interest rate upon a consumer credit card account holder, including purchases, cash advances, and balance transfers.CommentsClose CommentsPermalink





‘(ii) For each type of transaction or event identified under clause (i)--CommentsClose CommentsPermalink





‘(I) each distinct interest rate charged by the card issuer to a consumer credit card account holder during the semiannual period; andCommentsClose CommentsPermalink





‘(II) the number of cardholders to whom each such interest rate was applied during the last calendar month of the semiannual period, and the total amount of interest charged to such account holders at each such rate during such month.CommentsClose CommentsPermalink





‘(iii) A list of each type of fee that one or more of the creditors has imposed upon a consumer credit card account holder during the semiannual period, including any fee imposed for obtaining a cash advance, making a late payment, exceeding the credit limit on an account, making a balance transfer, or exchanging United States dollars for foreign currency.CommentsClose CommentsPermalink





‘(iv) For each type of fee identified under clause (iii), the number of account holders upon whom the fee was imposed during each calendar month of the semiannual period, and the total amount of fees imposed upon cardholders during such month.CommentsClose CommentsPermalink





‘(v) The total number of consumer credit card account holders that incurred any finance charge or any other fee during the semiannual period.CommentsClose CommentsPermalink





‘(vi) The total number of consumer credit card accounts maintained by each creditor as of the end of the semiannual period.CommentsClose CommentsPermalink





‘(vii) The total number and value of cash advances made during the semiannual period under a consumer credit card account.CommentsClose CommentsPermalink





‘(viii) The total number and value of purchases involving or constituting consumer credit card transactions during the semiannual period.CommentsClose CommentsPermalink





‘(ix) The total number and amount of repayments on outstanding balances on consumer credit card accounts in each month of the semiannual period.CommentsClose CommentsPermalink





‘(x) The percentage of all consumer credit card account holders (with respect to any creditor) who--CommentsClose CommentsPermalink





‘(I) incurred a finance charge in each month of the semiannual period on any portion of an outstanding balance on which a finance charge had not previously been incurred; andCommentsClose CommentsPermalink





‘(II) incurred any such finance charge at any time during the semiannual period.CommentsClose CommentsPermalink





‘(xi) The total number and amount of balances accruing finance charges during the semiannual period.CommentsClose CommentsPermalink





‘(xii) The total number and amount of the outstanding balances on consumer credit card accounts as of the end of such semiannual period.CommentsClose CommentsPermalink





‘(xiii) Total credit limits in effect on consumer credit card accounts as of the end of such semiannual period and the amount by which such credit limits exceed the credit limits in effect as of the beginning of such period.CommentsClose CommentsPermalink





‘(xiv) Any other information related to interest rates, fees, or other charges that the Board deems of interest.’; andCommentsClose CommentsPermalink





(2) by adding at the end the following new paragraph:CommentsClose CommentsPermalink





‘(5) REPORT TO CONGRESS- The Board shall, on an annual basis, transmit to Congress and make public a report containing estimates by the Board of the approximate, relative percentage of income derived by the credit card operations of depository institutions from--CommentsClose CommentsPermalink





‘(A) the imposition of interest rates on cardholders, including separate estimates for--CommentsClose CommentsPermalink





‘(i) interest with an annual percentage rate of less than 25 percent; andCommentsClose CommentsPermalink





‘(ii) interest with an annual percentage rate equal to or greater than 25 percent;CommentsClose CommentsPermalink





‘(B) the imposition of fees on cardholders;CommentsClose CommentsPermalink





‘(C) the imposition of fees on merchants; andCommentsClose CommentsPermalink





‘(D) any other material source of income, while specifying the nature of that income.’.CommentsClose CommentsPermalink

SEC. 6. STANDARDS APPLICABLE TO INITIAL ISSUANCE OF SUBPRIME OR ‘FEE HARVESTER’ CARDS.

Section 127B of the Truth in Lending Act is amended by inserting after subsection (m) (as added by section 4) the following new subsection:CommentsClose CommentsPermalink





‘(n) Standards Applicable to Initial Issuance of Subprime or ‘Fee Harvester’ Cards-CommentsClose CommentsPermalink





‘(1) IN GENERAL- In the case of any credit card account under an open end credit plan the terms of which require the payment of fees (other than late fees or over-the-limit fees) by the consumer in the first year the account is opened in an amount in excess of 25 percent of the total amount of credit authorized under the account, no payment of any fees (other than late fees or over-the-limit fees) may be made from the credit made available by the card.CommentsClose CommentsPermalink





‘(2) RULE OF CONSTRUCTION- No provision of this subsection may be construed as authorizing any imposition or payment of advance fees otherwise prohibited by any provision of law.’.CommentsClose CommentsPermalink

SEC. 7. EXTENSIONS OF CREDIT TO UNDERAGE CONSUMERS.

Section 127(c) of the Truth in Lending Act (15 U.S.C. 1637(c)) is amended by adding at the end the following new paragraph:CommentsClose CommentsPermalink





‘(8) EXTENSIONS OF CREDIT TO UNDERAGE CONSUMERS-CommentsClose CommentsPermalink





‘(A) IN GENERAL- No credit card may be knowingly issued to, or open end credit plan established on behalf of, a consumer who has not attained the age of 18, unless the consumer is emancipated under applicable State law.CommentsClose CommentsPermalink





‘(B) RULE OF CONSTRUCTION- For the purposes of determining the age of an applicant, the submission of a signed application by a consumer stating that the consumer is over 18 shall be considered sufficient proof of age.’.CommentsClose CommentsPermalink

SEC. 8. EFFECTIVE DATE.

(a) In General- The amendments made by this Act shall apply to all credit card accounts under open end credit plans as of the end of the 3-month period beginning on the date of the enactment of this Act.CommentsClose CommentsPermalink





(b) Regulations- The Board of Governors of the Federal Reserve System, in consultation with the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the Federal Deposit Insurance Corporation, the National Credit Union Administration Board, and the Federal Trade Commission, shall prescribe regulations, in final form, implementing the amendments made by this Act before the end of the 3-month period referred to in subsection (a).CommentsClose CommentsPermalink