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4/29/2009--Reported to Senate amended. Credit Card Accountability Responsibility and Disclosure Act of 2009 or the Credit CARD Act of 2009 - (Sec. 3) States that this Act shall become effective nine months after its date of enactment. Title I: Consumer Protection - Amends the Truth in Lending Act to require advance notice of any increase in the annual percentage rate of interest (APR) pertaining to a credit card account under an open end consumer credit plan. Requires such advance notice to include a statement of the obligor's right to cancel the account before the effective date of the increase. (Sec. 102) Imposes a freeze on interest rate terms and fees on canceled cards. (Sec. 103) Sets limits on fees and interest charges, including a prohibition against penalties for on-time payments. Authorizes a consumer to elect by timely notice to prohibit a creditor from completing any over-the-limit credit card transaction that will result in a fee, or constitute a default, under an open end consumer credit plan agreement which allows the creditor to impose an over-the-limit fee for any extension of credit beyond the amount of credit authorized. Allows an over-the-limit fee only when an extension of credit obtained by the obligor causes the account credit limit to be exceeded. Prohibits such a fee when the credit limit is exceeded only because of a fee or interest charge. Allows imposition of an over-the-limit fee only once during a billing cycle. Prohibits its imposition in a subsequent billing cycle with respect to such excess credit, unless the obligor has obtained an additional extension of credit in excess of the credit limit during that subsequent cycle. Prohibits a separate fee to allow the obligor to repay an extension of credit or finance charge, whether such repayment is made by mail, electronic transfer, telephone authorization, or other means. Requires fees for cardholder agreement violations and currency exchanges to be reasonable. (Sec. 104) Prohibits a creditor from furnishing information to a consumer reporting agency concerning a newly opened credit card account until the credit card has been used or activated by the consumer. (Thus grants the consumer a right to reject a credit card before notice of the new account is given to a consumer reporting agency.) (Sec. 105) Sets forth requirements for the terms of any credit card account, particularly fixed rate and prime rate, under any open end consumer credit plan. (Sec. 106) Revises requirements for prompt and fair crediting of card payments.(Sec. 107) Increases from 14 to 21 days the length of the billing period for imposition of the finance charge in credit statements. (Sec. 108) Prohibits universal default except in certain circumstances. Prohibits unilateral changes to cardholder agreements until after the date on which the credit card will expire if not renewed. (Sec. 109) Increases the civil penalty against any creditor who fails to comply with specified requirements in the case of an individual action relating to an open end credit plan that is not secured by real property or a dwelling. Specifies such penalty as twice the amount of any finance charge in connection with a transaction, with a minimum of $500 and a maximum of $5,000, or an appropriate higher amount in the case of an established pattern or practice of such failures. (Sec. 110) Requires specified federal regulatory agencies to evaluate the policies and procedures used by credit card issuers for compliance with this Act. Specifies additional transaction or event information to be included in APR information the Board of Governors of the Federal Reserve System (Federal Reserve Board) must collect, publish, and disseminate to the public. Title II: Enhanced Consumer Disclosures - (Sec. 201) - Revises payoff and repayment timing disclosure requirements, as well as those for civil liability determinations for creditor compliance violations. Requires the creditor to provide a toll-free telephone number at which the consumer may receive information about accessing credit counseling and debt management services from agencies certified by the Secretary of the Treasury (Secretary) as meeting the criteria under this Act. Instructs the Secretary, through the Office of Financial Education (OFE), to issue guidelines for the establishment and maintenance of such a toll-free telephone number. (Sec. 202) Revises requirements relating to late payment deadlines and penalties. Requires a periodic statement of account to disclose: (1) the date by which a payment must be postmarked, if paid by mail, in order to avoid the imposition of a late payment fee; and (2) any possible resulting increase in interest rates for late payments. (Sec. 203) Repeals the special rule for disclosure of APR and annual fee before a credit card account renewal. Title III: Protection of Young Consumers - (Sec. 301) Prohibits issuance of a credit card on behalf of a consumer under age 21, unless the consumer has submitted a written application meeting specified requirements. Directs the Secretary, acting through the OFE, to make and publish a list of all courses and programs that have been certified for financial literacy or financial education purposes appropriate for young consumers. (Sec. 302) Prohibits issuance to students of certain affinity cards, pursuant to any agreement between the creditor and an institution of higher education, unless certain requirements have been met. (Sec. 303) Amends the Fair Credit Reporting Act to allow consumers between ages 18 and 21 to elect to be included in any list provided by a consumer reporting agency in connection with a credit or insurance transaction that is not initiated by the consumer. (Sec. 304) Amends the Truth in Lending Act to require approval by such individual to increase credit lines for credit card accounts for which a parent, legal guardian, spouse, or any other individual is jointly liable until the consumer attains the age of 21. Title IV: Federal Agency Coordination - (Sec. 401) Amends the Federal Trade Commission Act to require all federal banking agencies and the Federal Trade Commission (FTC) to coordinate rulemaking and regulations. Requires the Comptroller General to a report to Congress on the status of regulations of the federal banking agencies and the National Credit Union Administration (NCUA) regarding unfair and deceptive acts or practices by depository institutions and federal credit unions. Title V: Gift Cards - (Sec. 502) Declares that, with respect to a gift certificate, store gift card, or general-use prepaid card, it is unlawful, except in specified circumstances, to: (1) impose a dormancy fee, inactivity fee, or a service fee; or (2) sell or issue such a certificate or card subject to an expiration date. Prescribes disclosure requirements for such cards. (Sec. 504) Empowers the FTC to enforce these prohibitions. Title VI: Miscellaneous Provisions - (Sec. 601) Directs the Comptroller General to study and report to certain congressional committees on the extent to which interchange fees must be disclosed to consumers and merchants and how such fees are overseen by the federal banking agencies. (Sec. 602) Directs the Comptroller General to establish the Credit Card Safety Rating System Commission to: (1) to determine if a rating system to allow cardholders to quickly assess the level of safety of credit card agreements would be beneficial to consumers; and (2) assess the impact on credit card transparency and consumer safety of various rating system policy options. Authorizes appropriations. (Sec. 603) Amends the the Federal Deposit Insurance Act (FDIA) and the Federal Credit Union Act (FCUA) to increase the borrowing authority: (1) of the Federal Deposit Insurance Corporation (FDIC) from $30 billion to $100 billion; and (2) of the NCUA from $100 million to $6 billion. Authorizes temporary further increases for the FDIC of up to $500 billion, and for the NCUA of up to $18 billion, through calendar 2010 if the FDIC Board of Directors or the NCUA Board, as the case may be, together with the Federal Reserve Board and the Secretary, determine that additional increases are necessary. Amends the FCUA to direct the NCUA Board to establish a National Credit Union Share Insurance Fund Restoration Plan whenever the Board determines that the equity ratio of the National Credit Union Share Insurance Fund will fall below a specified minimum amount.

1241409600 2009-05-04 Sat Nov 14 06:02:43 -0600 2009 reported to senate 55024 'act':3 '2009':5 'card':2 'credit':1 72728 false short reported to senate 55024 'act':7 '2009':9 'card':2 'credit':1 'account':3 'respons':4 'disclosur':6 72727 false short introduced 55024 'act':7 '2009':9 'card':2 'credit':1 'account':3 'respons':4 'disclosur':6 69765 true short introduced 55024 'act':3 '2009':5 'card':2 'credit':1 69766 false short introduced 55024 'a':1 'to':3,10 'act':9 'and':21 'ban':11 'for':22 'the':5 'bill':2 'amend':4 'other':23 'credit':7,13 'abusive':12 'enhance':15 'protect':18 'consumer':6,16 'purposes':24 'underage':19 'consumers':20 'practices':14 'protection':8 'disclosures':17 68772 false official action 55024 1241409600 Mon May 04 00:00:00 -0500 2009 193659 By Senator Dodd from Committee on Banking, Housing, and Urban Affairs filed written report. Report No. 111-16. D000388 1944-05-27 11802 448 Russell Senate Office Building http://dodd.senate.gov/index.php?q=node/3130 202-228-1083 Christopher 'd':4 'ct':5 'sen':1 'dodd':3,7,9 'christoph':2,6,8 M 300034 Dodd Christopher_Dodd J. Sen. Christopher Dodd [D, CT] 6702 N00000581 15279 Democrat 202-224-2823 Roman Catholic CT Chris Christopher Dodd 1.91919191919192 http://dodd.senate.gov SenChrisDodd A000069 1924-09-11 4399 141 Hart Senate Office Building http://akaka.senate.gov/public/index.cfm?FuseAction=Contact.Home 202-224-2126 Daniel 'd':4 'hi':5 'sen':1 'akaka':3,7,9 'daniel':2,6,8 M 300001 Akaka Don_Cazayoux Kahikina Sen. Daniel Akaka [D, HI] 2319 N00007653 10068 Democrat 202-224-6361 Congregationalist HI Daniel Akaka 2.26666666666667 http://akaka.senate.gov/public/index.cfm B001265 1962-03-30 3123 144 Russell Senate Office Building http://begich.senate.gov/public/index.cfm?p=EmailSenator 202-224-2354 Mark 'd':4 'ak':5 'sen':1 'mark':2,6,8 'begich':3,7,9 M 412326 Begich Sen. Mark Begich [D, AK] 1530 N00029901 5242 Democrat 202-224-3004 AK Mark Begich 3.20512820512821 http://begich.senate.gov/public/ B000944 1952-11-09 7910 713 Hart Senate Office Building http://brown.senate.gov/contact/ 202-228-6321 Sherrod 'd':4 'oh':5 'sen':1 'brown':3,7,9 'sherrod':2,6,8 M 400050 Brown Sherrod_Brown Sen. Sherrod Brown [D, OH] 5099 N00003535 13645 Democrat 202-224-2315 Lutheran OH Sherrod Brown 3.55072463768116 http://brown.senate.gov/ SherrodBrownOhio C001070 4920 393 Russell Senate Office Building http://casey.senate.gov/contact/ 202-228-0604 Robert 'd':4 'pa':5 'sen':1 'casey':3,7,9 'robert':2,6,8 M 412246 Casey Robert_P._Casey,_Jr. P. Sen. Robert Casey [D, PA] 2338 N00027503 11930 Democrat 202-224-6324 PA Bob Robert Casey 2.88888888888889 http://casey.senate.gov/ D000563 1944-11-21 8057 309 Hart Senate Office Building http://durbin.senate.gov/contact.cfm 202-228-0400 Richard 'd':4 'il':5 'sen':1 'durbin':3,7,9 'richard':2,6,8 M 300038 Durbin Richard_Durbin J. Sen. Richard Durbin [D, IL] 4406 N00004981 16988 Democrat 202-224-2152 Roman Catholic IL Dick Richard Durbin 3.86666666666667 http://durbin.senate.gov G000555 5221 478 Russell Senate Office Building http://gillibrand.senate.gov/contact/ 202-225-1168 Kirsten 'd':4 'ny':5 'sen':1 'kirsten':2,6,8 'gillibrand':3,7,9 F 412223 Gillibrand Kirsten_Gillibrand E. Sen. Kirsten Gillibrand [D, NY] 3525 N00027658 12769 Democrat 202-224-4451 NY Kirsten Gillibrand 3.18518518518519 http://gillibrand.senate.gov H000206 1939-11-19 3701 731 Hart Senate Office Building http://harkin.senate.gov/c/index.cfm 202-224-9369 Thomas 'd':4 'ia':5 'sen':1 'tom':8 'thoma':2,6,9 'harkin':3,7,10 M 300051 Harkin Tom_Harkin Sen. Thomas Harkin [D, IA] 1929 Tom N00004207 9582 Democrat 202-224-3254 Roman Catholic IA Tom Thomas Harkin 3.0 http://harkin.senate.gov/ SenatorTomHarkin K000148 1943-12-11 26570 218 Russell Senate Office Building http://kerry.senate.gov/contact/email.cfm 202-224-8525 John 'd':4 'ma':5 'sen':1 'john':2,6,8 'kerri':3,7,9 M 300060 Kerry John_Kerry Forbes Sen. John Kerry [D, MA] 12091 N00000245 14510 Democrat 202-224-2742 Roman Catholic MA John Kerry 2.62857142857143 http://kerry.senate.gov/ K000305 1935-02-07 2386 330 Hart Senate Office Building http://kohl.senate.gov/contact.cfm 202-224-9787 Herbert 'd':4 'wi':5 'sen':1 'herb':8 'kohl':3,7,10 'herbert':2,6,9 M 300061 Kohl Herb_Kohl H. Sen. Herbert Kohl [D, WI] 1213 Herb N00004309 10091 Democrat 202-224-5653 Jewish WI Herb Herbert Kohl 3.0 http://kohl.senate.gov/ L000123 1924-01-23 7323 324 Hart Senate Office Building http://lautenberg.senate.gov/contact/routing.cfm 202-228-4054 Frank 'd':4 'nj':5 'sen':1 'frank':2,6,8 'lautenberg':3,7,9 M 300064 Lautenberg Frank_Lautenberg R. Sen. Frank Lautenberg [D, NJ] 3941 N00000659 11718 Democrat 202-224-3224 Jewish NJ Frank Lautenberg 2.2093023255814 http://lautenberg.senate.gov/ franklautenberg L000174 1940-03-31 12797 433 Russell Senate Office Building http://leahy.senate.gov/contact.cfm 202-224-3479 Patrick 'd':4 'vt':5 'sen':1 'leahi':3,7,9 'patrick':2,6,8 M 300065 Leahy Patrick_Leahy J. Sen. Patrick Leahy [D, VT] 6604 N00009918 10194 Democrat 202-224-4242 Roman Catholic VT Patrick Leahy 4.375 http://leahy.senate.gov/ SenatorPatrickLeahy L000261 1934-06-28 12591 269 Russell Senate Office Building http://levin.senate.gov/contact/ 202-224-1388 Carl 'd':4 'mi':5 'sen':1 'carl':2,6,8 'levin':3,7,9 M 300066 Levin Carl_Levin Sen. Carl Levin [D, MI] 7016 N00001691 25978 Democrat 202-224-6221 Jewish MI Carl Levin 2.01515151515152 http://levin.senate.gov/ M001170 1953-07-24 9314 717 Hart Senate Office Building http://mccaskill.senate.gov/contact/ 202-228-6326 Claire 'd':4 'mo':5 'sen':1 'clair':2,6,8 'mccaskil':3,7,9 F 412243 McCaskill Claire_McCaskill Sen. Claire McCaskill [D, MO] 4413 N00027694 11811 Democrat 202-224-6154 MO Claire McCaskill 3.33898305084746 http://mccaskill.senate.gov/ M000639 1954-01-01 5376 528 Hart Senate Office Building http://menendez.senate.gov/contact/contact.cfm 202-228-2197 Robert 'd':4 'nj':5 'bob':8 'sen':1 'robert':2,6,9 'menendez':10 'menéndez':3,7 M 400272 Menéndez Robert_Menendez Sen. Robert Menéndez [D, NJ] 2852 Bob N00000699 14106 Democrat 202-224-4744 Roman Catholic NJ Robert Menendez 2.24324324324324 http://menendez.senate.gov/ SenatorMenendezNJ M001176 1956-10-24 2289 B40b Dirksen Senate Office Building http://merkley.senate.gov/contact/contact.cfm 202-228-3997 Jeff 'd':4 'sen':1 'jeff':2,6,8 'merkley':3,7,9 M 412325 Merkley Sen. Jeff Merkley [D, OR] 946 N00029303 4506 Democrat 202-224-3753 OR Jeff Jeff Merkley 2.55172413793103 http://merkley.senate.gov R000122 1949-11-12 3242 728 Hart Senate Office Building http://reed.senate.gov/contact/contact-share.cfm 202-224-4680 John 'd':4 'ri':5 'sen':1 'jack':8 'john':2,6,9 'reed':3,7,10 M 300081 Reed Jack_Reed F. Sen. John Reed [D, RI] 1063 Jack N00000362 8978 Democrat 202-224-4642 Roman Catholic RI Jack John Reed 2.875 http://reed.senate.gov/ S000033 1941-09-08 3930 332 Dirksen Senate Office Building http://sanders.senate.gov/comments/ 202-228-0776 Bernard 'vt':5 'sen':1 'berni':8 'sander':3,7,10 'bernard':2,6,9 M 400357 Sanders Bernard_Sanders Sen. Bernard Sanders [I, VT] 1831 Bernie N00000528 9731 Independent 202-224-5141 Jewish VT Bernie Bernard Sanders 6.79245283018868 http://sanders.senate.gov/ SenatorSanders S000148 1950-11-23 15008 313 Hart Senate Office Building http://schumer.senate.gov/new_website/contact.cfm 202-228-3027 Charles 'd':4 'ny':5 'sen':1 'charl':2,6,8 'schumer':3,7,9 M 300087 Schumer Charles_Schumer E. Sen. Charles Schumer [D, NY] 7782 N00001093 20782 Democrat 202-224-6542 Jewish NY Chuck Charles Schumer 2.2 http://schumer.senate.gov/ senatorschumer T000464 1956-08-21 5480 204 Russell Senate Office Building http://tester.senate.gov/Contact/ 202-224-8594 Jon 'd':4 'mt':5 'jon':2,6,8 'sen':1 'tester':3,7,9 M 412244 Tester Jon_Tester Sen. Jon Tester [D, MT] 2514 N00027605 8058 Democrat 202-224-2644 MT Jon Tester 2.79166666666667 http://tester.senate.gov/ SenatorJonTester U000038 1950-07-18 7212 B40e Dirksen Senate Office Building http://markudall.senate.gov/contact/contact.cfm 202-226-7840 Mark 'd':4 'co':5 'sen':1 'mark':2,6,8 'udal':3,7,9 M 400412 Udall Mark_Udall E. Sen. Mark Udall [D, CO] 3068 N00008051 12908 Democrat 202-224-5941 CO Mark Udall 2.67441860465116 http://markudall.senate.gov W000802 5051 502 Hart Senate Office Building http://whitehouse.senate.gov/contact/ 202-228-6362 Sheldon 'd':4 'ri':5 'sen':1 'sheldon':2,6,8 'whitehous':3,7,9 M 412247 Whitehouse Sheldon_Whitehouse Sen. Sheldon Whitehouse [D, RI] 2198 N00027533 9105 Democrat 202-224-2921 RI Sheldon Whitehouse 4.09090909090909 http://whitehouse.senate.gov/ SenatorWhitehouse action 55024 1241409600 Mon May 04 00:00:00 -0500 2009 193659 By Senator Dodd from Committee on Banking, Housing, and Urban Affairs filed written report. Report No. 111-16. calendar 55024 1240977600 Wed Apr 29 00:00:00 -0500 2009 193058 Placed on Senate Legislative Calendar under General Orders. Calendar No. 54. action 55024 1240977600 Wed Apr 29 00:00:00 -0500 2009 193057 Committee on Banking, Housing, and Urban Affairs. Reported by Senator Dodd with an amendment in the nature of a substitute. Without written report. action 55024 1238472000 Tue Mar 31 00:00:00 -0500 2009 189711 Committee on Banking, Housing, and Urban Affairs. Date of scheduled consideration. SD-538. 10:00 a.m. calendar 55024 1238472000 Tue Mar 31 00:00:00 -0500 2009 189970 Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with amendments favorably. action 55024 1234328400 Wed Feb 11 00:00:00 -0600 2009 184652 Sponsor introductory remarks on measure. (CR S2149-2150) action 55024 1234328400 Wed Feb 11 00:00:00 -0600 2009 184653 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. introduced 55024 1234328400 Wed Feb 11 00:00:00 -0600 2009 184651