Official Bill Info

• Latest Action: May 22, 2009 Signed by President.

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• Committee Assignment: House Financial Services

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• Committee Assignment: House Financial Services - Financial Institutions and Consumer Credit

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  This bill has been assigned to the House Financial Services - Financial Institutions and Consumer Credit committee.
This bill's most-recent vote occurred on May 20, 2009, with a roll call of 279 ayes, 147 nays, and 7 not voting.
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This bill's most-recent vote occurred on May 20, 2009, with a roll call of 279 ayes, 147 nays, and 7 not voting.

Bill Statistics on OpenCongress

Contribution Data

OpenCongress Bill 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.

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  Here's a summary from OpenCongress.org: 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.

Supporting Organizations

• Consumer Federation of America

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• Consumers Union

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• Demos

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• U.S. Public Interest Research Groups

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• Public Citizen

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• Center for Responsible Lending

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• Consumer Action

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• National Association of Consumer Advocates

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  I know that the organization National Association of Consumer Advocates supports H.R.627
• Association of Community Organizations for Reform Now

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• Americans for Fairness in Lending

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• National Training and Information Center

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• National Consumer Law Center

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• National Small Business Association

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Opposing Organizations

• Independent Community Bankers of America

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• American Bankers Association

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• Credit Union National Association

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Most-commented sections of the bill text

Highest Rated User Comments

• On May 18, 2009, by madvilletimes - If your business relies on people sticking their hand in the fire, you need a new business. I'm from South Dakota, where our governor tells us we stand to lose up to 5000 jobs at places like Citigroup and Premier Bankcard. To stay profitable, these companies need the ability to take advantage of folks with bad credit and folks who miss a payment or don't read the fine print (and come on, how many of us have read every word on every notice our credit card companies send out?). I say any business model based on deception and manipulation like that deserves to be regulated out of business. Shut them down; we South Dakotans can find a healthier basis for our economy than usury.

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  As noted by madvilletimes, a user on OpenCongress.org, on May 18, 2009, "If your business relies on people sticking their hand in the fire, you need a new business. I'm from South Dakota, where our governor tells us we stand to lose up to 5000 jobs at places like Citigroup and Premier Bankcard. To stay profitable, these companies need the ability to take advantage of folks with bad credit and folks who miss a payment or don't read the fine print (and come on, how many of us have read every word on every notice our credit card companies send out?). I say any business model based on deception and manipulation like that deserves to be regulated out of business. Shut them down; we South Dakotans can find a healthier basis for our economy than usury."
• On May 03, 2009, by carigis - personal responsibility is one thing, and has nothing to do with this bill. this bill addresses known abuses and potential areas of abuse by card companies. the fact is, that with credit cards fast replacing cash as our nations currency , credit card companies are one of the FEW industries the GOVT should be heavily scrutinizing. They are also the only types of contract that the issuer can change the interest rate as they please and unilaterally on money already owed by a consumer. This law basically just codifies existing rules so that they are harder to change by a card friendly administration in the future

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  As noted by carigis, a user on OpenCongress.org, on May 03, 2009, "personal responsibility is one thing, and has nothing to do with this bill. this bill addresses known abuses and potential areas of abuse by card companies. the fact is, that with credit cards fast replacing cash as our nations currency , credit card companies are one of the FEW industries the GOVT should be heavily scrutinizing. They are also the only types of contract that the issuer can change the interest rate as they please and unilaterally on money already owed by a consumer. This law basically just codifies existing rules so that they are harder to change by a card friendly administration in the future "
• On May 02, 2009, by thecat - If Congress wants to really help the people of this Country, regulate the amount of interest the credit card companies can charge. When you start at a 7% interest and then they increase it to 23% if you're not able to pay off your balance in full, that's highway robbery; and this is when you make your payments every month as required. Not everyone is about to pay their balance off in full each month and the credit card companies take advantage of it. By the time the balance is paid in full, the interest accummulated would have paid the original balance off several times over. You might as well have gone to a loan shark, same thing.Congress never wants to change anything that effects money, when the big companies that invest in their campaigns might not like it. Imagine that!

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  As noted by thecat, a user on OpenCongress.org, on May 02, 2009, "If Congress wants to really help the people of this Country, regulate the amount of interest the credit card companies can charge. When you start at a 7% interest and then they increase it to 23% if you're not able to pay off your balance in full, that's highway robbery; and this is when you make your payments every month as required. Not everyone is about to pay their balance off in full each month and the credit card companies take advantage of it. By the time the balance is paid in full, the interest accummulated would have paid the original balance off several times over. You might as well have gone to a loan shark, same thing.Congress never wants to change anything that effects money, when the big companies that invest in their campaigns might not like it. Imagine that!"

Highly Rated Blog Articles

• Why is it that credit scores depend a lot on paying on time but ... - November 30, 2011 by http://creditrepaircures.org/ - ... 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 ). ...

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  As noted by http://creditrepaircures.org/ on November 30, 2011, "... 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 ). ..." (http://creditrepaircures.org/why-is-it-that-credit-scores-depend-a-lot-on-paying-on-time-but-nothing-is-mentioned-about-floating-due-date/)
• House Roll Call #627 Details - OpenCongress - July 22, 2011 by opencongress.org - 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) ...

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  As noted by opencongress.org on July 22, 2011, "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) ..." (http://www.opencongress.org/vote/2011/h/627)
• Overview - OpenCongress - February 08, 2011 by opencongress.org - 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 ...

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  As noted by opencongress.org on February 08, 2011, "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 ..." (http://www.opencongress.org/bill/112-h627/show)

Highly Rated News Articles

• Lawmakers and financial votes: A scorecard - September 29, 2010 by Lake Zurich Courier - 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. ...

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  As noted by Lake Zurich Courier on September 29, 2010, " 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. ... " (http://www.pioneerlocal.com/lakezurich/news/2752150,pioneer-press-financials-093010-s1.article)
• Content of Specific Issue field - September 26, 2010 by Center for Responsive Politics - ... financial services regulatory reform and the creation of a consumer financial protection agency, including the following legislation: HR 627 - Credit ...

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  As noted by Center for Responsive Politics on September 26, 2010, " ... financial services regulatory reform and the creation of a consumer financial protection agency, including the following legislation: HR 627 - Credit ... " (http://www.opensecrets.org/lobby/specissue.php?id=109473&bname=H.R.3126&name=Capital%20One%20Financial&year=2010)
• - February 21, 2010 by University Daily Kansan - ... 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.

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  As noted by University Daily Kansan on February 21, 2010, " ... 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. " (http://www.miamiherald.com/2010/02/21/1492366/mixed-blessing-credit-card-reform.html)