Credit Card Accountability Responsibility and Disclosure Act of 2009 | |
2009-2010 |
Track H.R. 627 This feed includes all major activity on this bill and its amendments, references in the Congressional Record, and relevant upcoming committee meetings.
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AmendmentsThe following are amendments proposed for this legislation. Click an amendment's name to read the text of the amendment, where available. (1) H.Amdt. 90 by Rep. Gutiérrez [D-IL4] Amendment allows issuers to charge consumers for expedited payments by telephone when consumers request such an expedited payment; makes technical corrections; requires that all credit card offers notify prospective applicants that excessive credit applications can adversely affect their credit rating; directs the Board of Governors of the Federal Reserve to suggest appropriate guidelines for creditors to supply cardholders with information regarding the availability of legitimate and accredited credit counseling services; requires all written information, provisions, and terms in or on any application, solicitation, contract, or agreement for any credit card account under an open end consumer credit to appear in no less than 12 point font; and requires that stores who are self-issuers of credit cards display a large visible sign at counters with the same information that is required to be disclosed on the application itself. Proposed: Apr 30, 2009.
Accepted: Apr 30, 2009.
An amendment numbered 1 printed in House Report 111-92 to allow issuers to charge consumers for expedited payments by telephone when consumers request such an expedited payment, and would make technical corrections; would require that all credit card offers notify prospective applicants that excessive credit applications can adversely affect their credit rating; would direct the Board of Governors of the Federal Reserve to suggest appropriate guidelines for creditors to supply cardholders with information regarding the availability of legitimate and accredited credit counseling services; would require all written information, provisions, and terms in or on any application, solicitation, contract, or agreement for any credit card account under an open end consumer credit to appear in no less than 12 point font; and would require that stores who are self-issuers of credit cards display a large visible sign at counters with the same information that is required to be disclosed on the application itself. (2) H.Amdt. 91 by Rep. Frank [D-MA4] Amendment requires the Federal Reserve 1) to review the consumer credit card market, including through solicitation of public comment, and report to Congress every two years; 2) publish a summary of this review in the Federal Register, along with proposed regulatory changes (or an explanation for why no such changes are proposed). The amendment also requires the Federal banking agencies and the FTC to submit to the Federal Reserve, for inclusion in the Federal Reserve's annual report to Congress, information about the agencies' supervisory and enforcement activities related to credit card issuers' compliance with consumer protection laws. Proposed: Apr 30, 2009.
Accepted: Apr 30, 2009.
An amendment numbered 2 printed in House Report 111-92 to require the Federal Reserve 1) to review the consumer credit card market, including through solicitation of public comment, and report to Congress every two years; 2) publish a summary of this review in the Federal Register, along with proposed regulatory changes (or an explanation for why no such changes are proposed). The amendment also requires the Federal banking agencies and the FTC to submit to the Federal Reserve, for inclusion in the Federal Reserve's annual report to Congress, information about the agencies' supervisory and enforcement activities related to credit card issuers' compliance with consumer protection laws.  Amendment sets underwriting standards for student credit cards, including limiting credit lines to the greater of 20 percent of a students' annual income or $500 without a co-signer and requiring creditors to obtain a proof of income, income history, and credit history from college students before approving credit applications. Proposed: Apr 30, 2009.
Accepted: Apr 30, 2009.
An amendment numbered 3 printed in House Report 111-92 to set underwriting standards for students' credit cards, including limiting credit lines to the greater of 20 percent of a student's annual income or $500, without a co-signer and requiring creditors to obtain a proof of income, income history, and credit history from college students before approving credit applications. Apr 30, 2009.
On agreeing to the Slaughter amendment (A003) Agreed to by recorded vote: 276 - 154 (Roll no. 225).
[View Details]
(4) H.Amdt. 93 by Rep. Gutiérrez [D-IL4] Amendment requires credit card issuers to allocate payments in excess of the minimum payment to the portion of the remaining balance with the highest outstanding APR first, and then to any remaining balances in descending order, eliminating the pro rata option. Proposed: Apr 30, 2009.
Accepted: Apr 30, 2009.
An amendment numbered 4 printed in House Report 111-92 to require credit card issuers to allocate payments in excess of the minimum payment to the portion of the remaining balance with the highest outstanding APR first, and then to any remaining balances in descending order, eliminating the pro rata option. (5) H.Amdt. 94 by Rep. Pingree [D-ME1] Amendment requires the Chair of the Federal Reserve to submit a report on the level of implementation of this bill every 90 days until the Chair can report full industry implementation. Proposed: Apr 30, 2009.
Accepted: Apr 30, 2009.
An amendment numbered 5 printed in House Report 111-92 to require the Chair of the Federal Reserve to submit a report on the level of implementation of this bill every 90 days until the Chair can report full industry implementation. (6) H.Amdt. 95 by Rep. Polis [D-CO2] Amendment clarifies that minors are allowed to have a credit card in their name on their parent or legal guardian's account. Proposed: Apr 30, 2009.
Accepted: Apr 30, 2009.
An amendment numbered 6 printed in House Report 111-92 to clarify that minors are allowed to have a credit card in their name on their parent or legal guardian's account. (7) H.Amdt. 96 by Rep. Jones [R-NC3] Amendment requires the Federal Reserve Board, in consultation with the Federal Trade Commission and other agencies, to establish regulations that would allow estate administrators to resolve outstanding credit balances in a timely manner. Proposed: Apr 30, 2009.
Accepted: Apr 30, 2009.
An amendment numbered 7 printed in House Report 111-92 to require the Federal Reserve Board, in consultation with the Federal Trade Commission and other agencies, to establish regulations that would allow estate administrators to resolve outstanding credit balances in a timely manner. (8) H.Amdt. 97 by Rep. Maloney [D-NY14]  Amendment requires credit cardholders to opt in to receive over-the-limit protection on their credit card in order for a credit card company to charge an over-the-limit fee. The amendment also allows for transactions that go over the limit to be completed for operational reasons as long as they are of a small amount. Lastly, the credit card company is not allowed to charge a fee. Proposed: Apr 30, 2009.
Accepted: Apr 30, 2009.
An amendment numbered 8 printed in House Report 111-92 to require credit cardholders to opt-into receiving over-the-limit protection on their credit card in order for a credit card company to charge an over-the-limit fee. Allows for transactions that go over the limit to be completed for operational reasons as long as they are of a de minimis amount, but the credit card company is not allowed to charge a fee. Apr 30, 2009.
On agreeing to the Maloney amendment (A008) Agreed to by recorded vote: 284 - 149 (Roll no. 226).
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Amendment sought to allow issuers to raise rates on existing balances if they provided consumers clear notification 90 days in advance, provided that the issuer had previously specified this ability to consumers in their contract and at least once every year thereafter. Proposed: Apr 30, 2009.
Rejected: Apr 30, 2009.
An amendment numbered 9 printed in House Report 111-92 to allow issuers to raise rates on existing balances if they provide consumers clear notification 90 days in advance, provided that the issuer has previously specified this ability to consumers in their contract and at least once every year thereafter. (10) H.Amdt. 99 by Rep. Hensarling [R-TX5] Amendment sought to allow creditors to use retroactive rate increases, universal default, and "double cycle billing" practices as long as they offer at least one card option that does not have those billing features to all of their existing customers. Proposed: Apr 30, 2009.
Rejected: Apr 30, 2009.
An amendment numbered 10 printed in House Report 111-92 to allow creditors to use retroactive rate increases, universal default, and "double cycle billing" practices as long as they offer at least one card option that does not have those billing features to all of their existing customers. (11) H.Amdt. 100 by Rep. Minnick [D-ID1] Amendment provides that the amount of a balance following a notice of a rate increase would be protected from the rate of increase as of the 7-day mark instead of the 14-day mark. Proposed: Apr 30, 2009.
Accepted: Apr 30, 2009.
An amendment numbered 11 printed in House Report 111-92 to provide that the amount of a balance as of the 7-day mark, instead of the 14-day mark, following a notice of a rate increase would be protected from the rate increase. (12) H.Amdt. 101 by Rep. Price [D-NC4] Amendment requires credit card issuers to provide enhanced disclosure to consumers regarding minimum payments, including a written Minimum Payment Warning statement on all monthly statements as well as information regarding the monthly payment amount and total cost that would be required for the consumer to eliminate the outstanding balance in 12, 24 and 36 months; and requires credit card issuers to provide a toll-free telephone number at which the consumer may receive information about accessing credit counseling and debt management services. Proposed: Apr 30, 2009.
Accepted: Apr 30, 2009.
An amendment numbered 12 printed in House Report 111-92 to require credit card issuers to provide enhanced disclosure to consumers regarding minimum payments, including a written Minimum Payment Warning statement on all monthly statements as well as information regarding the monthly payment amount and total cost that would be required for the consumer to eliminate the outstanding balance in 12, 24 and 36. Would require credit card issuers to provide a toll-free telephone number at which the consumer may receive information about accessing credit counseling and debt management services. (13) H.Amdt. 102 by Rep. Gutiérrez [D-IL4] Amendment requires card issuers to notify cardholders 30 days in advance before closing their accounts; provide the reason for the account closure; provide options for keeping the account open; make programs available to repay the balance; and provide the resulting impact on cardholders credit scores. Proposed: Apr 30, 2009.
Accepted: Apr 30, 2009.
An amendment numbered 13 printed in House Report 111-92 to require card issuers to notify cardholders 30 days before closing their accounts, the reason for the account closure, options to keep the account open, programs available to repay the balance, and the resulting impact on their credit score. (14) H.Amdt. 103 by Rep. Perriello [D-VA5] Amendment requires a 6-month period for a promotional rate for credit cards before the standard rate may be increased. Proposed: Apr 30, 2009.
Accepted: Apr 30, 2009.
An amendment numbered 14 printed in House Report 111-92 to require a 6-month period for a promotional rate for credit cards before the standard rate may be increased. (15) H.Amdt. 104 by Rep. Schauer [D-MI7] Amendment requires creditors to post their credit card written agreements on their websites and requires the Federal Reserve Board to compile and report those agreements on its website. Proposed: Apr 30, 2009.
Accepted: Apr 30, 2009.
An amendment numbered 15 printed in House Report 111-92 to require creditors to post their credit card written agreements on their websites, and requires the Board to compile and report those agreements on its website. (16) H.Amdt. 105 by Rep. Teague [D-NM2] Amendment restricts credit card issuers from making adverse reports to credit rating agencies regarding deployed military service members and disabled veterans during the first two years of their disability. Proposed: Apr 30, 2009.
Accepted: Apr 30, 2009.
An amendment numbered 16 printed in House Report 111-92 to restrict credit card issuers from making adverse reports to credit rating agencies regarding deployed military service members and disabled veterans during the first two years of their disability. (17) H.Amdt. 106 by Rep. Schock [R-IL18] Amendment allows consumers who have not activated an issued credit card within 45 days, to contact the issuing institution to cancel the card and have it removed from their credit report entirely. If, after 45 days, the card has not been activated, it will be automatically removed from any such report. Proposed: Apr 30, 2009.
Accepted: Apr 30, 2009.
An amendment numbered 17 printed in House Report 111-92 to allow consumers who have not activated an issued credit card within 45 days, to contact the issuing institution to cancel the card and have it removed from their credit report entirely. If after 45 days the card has not been activated it is automatically removed from any such report. (18) S.Amdt. 1058 by Sen. Dodd [D-CT] In the nature of a substitute. Proposed: May 11, 2009.
Accepted: May 19, 2009.
(19) S.Amdt. 1059 by Sen. Whitehouse [D-RI] Amendment information not available. Proposed: May 11, 2009.
(20) S.Amdt. 1060 by Sen. Whitehouse [D-RI] Amendment information not available. Proposed: May 11, 2009.
(21) S.Amdt. 1061 by Sen. Coburn [R-OK] Amendment information not available. Proposed: May 12, 2009.
(22) S.Amdt. 1062 by Sen. Sanders [I-VT] To establish a national consumer credit usury rate. Proposed: May 12, 2009.
(23) S.Amdt. 1063 by Sen. Wyden [D-OR] Amendment information not available. Proposed: May 12, 2009.
(24) S.Amdt. 1064 by Sen. Udall [D-CO] Amendment information not available. Proposed: May 12, 2009.
(25) S.Amdt. 1065 by Sen. Casey [D-PA] Amendment information not available. Proposed: May 12, 2009.
(26) S.Amdt. 1066 by Sen. Vitter [R-LA]  To specify acceptable forms of identification for the opening of credit card accounts. Proposed: May 12, 2009.
Rejected: May 13, 2009.
May 13, 2009.
Amendment SA 1066 not agreed to in Senate by Yea-Nay Vote. 28 - 65. Record Vote Number: 190.
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(27) S.Amdt. 1067 by Sen. Coburn [R-OK] To protect innocent Americans from violent crime in national parks and refuges. Proposed: May 12, 2009.
(28) S.Amdt. 1068 by Sen. Coburn [R-OK] To protect innocent Americans from violent crime in national parks and refuges. Proposed: May 12, 2009.
Withdrawn: May 12, 2009.
(29) S.Amdt. 1069 by Sen. Kerry [D-MA] Amendment information not available. Proposed: May 12, 2009.
(30) S.Amdt. 1070 by Sen. Feinstein [D-CA] Amendment information not available. Proposed: May 12, 2009.
(31) S.Amdt. 1071 by Sen. Feinstein [D-CA] Amendment information not available. Proposed: May 12, 2009.
(32) S.Amdt. 1072 by Sen. Johanns [R-NE] Amendment information not available. Proposed: May 12, 2009.
(33) S.Amdt. 1073 by Sen. Menéndez [D-NJ] Amendment information not available. Proposed: May 12, 2009.
(34) S.Amdt. 1074 by Sen. Menéndez [D-NJ] Amendment information not available. Proposed: May 12, 2009.
(35) S.Amdt. 1075 by Sen. Menéndez [D-NJ] Amendment information not available. Proposed: May 12, 2009.
(36) S.Amdt. 1076 by Sen. Menéndez [D-NJ] Amendment information not available. Proposed: May 12, 2009.
(37) S.Amdt. 1077 by Sen. Menéndez [D-NJ] Amendment information not available. Proposed: May 12, 2009.
(38) S.Amdt. 1078 by Sen. Menéndez [D-NJ] Amendment information not available. Proposed: May 12, 2009.
(39) S.Amdt. 1079 by Sen. Landrieu [D-LA] To end abuse, promote disclosure, and provide protections to small businesses that rely on credit cards. Proposed: May 12, 2009.
(40) S.Amdt. 1080 by Sen. Feinstein [D-CA] Amendment information not available. Proposed: May 12, 2009.
(41) S.Amdt. 1081 by Sen. Kohl [D-WI] Amendment information not available. Proposed: May 12, 2009.
(42) S.Amdt. 1082 by Sen. Kohl [D-WI] Amendment information not available. Proposed: May 12, 2009.
(43) S.Amdt. 1083 by Sen. Snowe [R-ME] Amendment information not available. Proposed: May 12, 2009.
(44) S.Amdt. 1084 by Sen. Gillibrand [D-NY] To amend the Fair Credit Reporting Act to require reporting agencies to provide free credit reports in the native language of certain non-English speaking consumers. Proposed: May 12, 2009.
Accepted: May 13, 2009.
(45) S.Amdt. 1085 by Sen. Gregg [R-NH] To enhance public knowledge regarding the national debt by requiring the publication of the facts about the national debt on IRS instructions, Federal websites, and in new legislation. Proposed: May 12, 2009.
(46) S.Amdt. 1086 by Sen. Bunning [R-KY] Amendment information not available. Proposed: May 12, 2009.
(47) S.Amdt. 1087 by Sen. Menéndez [D-NJ] Amendment information not available. Proposed: May 12, 2009.
(48) S.Amdt. 1088 by Sen. Menéndez [D-NJ] Amendment information not available. Proposed: May 12, 2009.
(49) S.Amdt. 1089 by Sen. Durbin [D-IL] Amendment information not available. Proposed: May 12, 2009.
(50) S.Amdt. 1090 by Sen. Durbin [D-IL] Amendment information not available. Proposed: May 12, 2009.
(51) S.Amdt. 1091 by Sen. Cardin [D-MD] Amendment information not available. Proposed: May 12, 2009.
(52) S.Amdt. 1092 by Sen. Levin [D-MI] Amendment information not available. Proposed: May 13, 2009.
(53) S.Amdt. 1093 by Sen. Levin [D-MI] Amendment information not available. Proposed: May 13, 2009.
(54) S.Amdt. 1094 by Sen. Levin [D-MI] Amendment information not available. Proposed: May 13, 2009.
(55) S.Amdt. 1095 by Sen. Levin [D-MI] Amendment information not available. Proposed: May 13, 2009.
(56) S.Amdt. 1096 by Sen. Levin [D-MI] Amendment information not available. Proposed: May 13, 2009.
(57) S.Amdt. 1097 by Sen. Levin [D-MI] Amendment information not available. Proposed: May 13, 2009.
(58) S.Amdt. 1098 by Sen. Udall [D-NM] Amendment information not available. Proposed: May 13, 2009.
(59) S.Amdt. 1099 by Sen. Feinstein [D-CA] Amendment information not available. Proposed: May 13, 2009.
(60) S.Amdt. 1100 by Sen. Durbin [D-IL] Amendment information not available. Proposed: May 13, 2009.
(61) S.Amdt. 1101 by Sen. Burr [R-NC] Amendment information not available. Proposed: May 13, 2009.
(62) S.Amdt. 1102 by Sen. Menéndez [D-NJ] Amendment information not available. Proposed: May 13, 2009.
(63) S.Amdt. 1103 by Sen. Udall [D-CO] Amendment information not available. Proposed: May 13, 2009.
(64) S.Amdt. 1104 by Sen. Isakson [R-GA] To require the Comptroller General to conduct a study on the relationship between fluency in the English language and financial literacy. Proposed: May 13, 2009.
Accepted: May 13, 2009.
(65) S.Amdt. 1105 by Sen. Sanders [I-VT] Amendment information not available. Proposed: May 13, 2009.
(66) S.Amdt. 1106 by Sen. Murray [D-WA] Amendment information not available. Proposed: May 13, 2009.
(67) S.Amdt. 1107 by Sen. Collins [R-ME] To address stored value devices and cards. Proposed: May 13, 2009.
(68) S.Amdt. 1108 by Sen. Boxer [D-CA] Amendment information not available. Proposed: May 13, 2009.
(69) S.Amdt. 1109 by Sen. Ensign [R-NV] Amendment information not available. Proposed: May 13, 2009.
(70) S.Amdt. 1110 by Sen. Akaka [D-HI] Amendment information not available. Proposed: May 13, 2009.
(71) S.Amdt. 1111 by Sen. Vitter [R-LA] Amendment information not available. Proposed: May 14, 2009.
(72) S.Amdt. 1112 by Sen. Vitter [R-LA] Amendment information not available. Proposed: May 14, 2009.
(73) S.Amdt. 1113 by Sen. Thune [R-SD] Amendment information not available. Proposed: May 14, 2009.
(74) S.Amdt. 1114 by Martinez Amendment information not available. Proposed: May 14, 2009.
(75) S.Amdt. 1115 by Sen. Menéndez [D-NJ] Amendment information not available. Proposed: May 14, 2009.
(76) S.Amdt. 1116 by Sen. Menéndez [D-NJ] Amendment information not available. Proposed: May 14, 2009.
(77) S.Amdt. 1117 by Sen. Levin [D-MI] Amendment information not available. Proposed: May 14, 2009.
(78) S.Amdt. 1118 by Sen. Levin [D-MI] Amendment information not available. Proposed: May 14, 2009.
(79) S.Amdt. 1119 by Sen. Levin [D-MI] Amendment information not available. Proposed: May 14, 2009.
(80) S.Amdt. 1120 by Sen. Boxer [D-CA] Amendment information not available. Proposed: May 14, 2009.
(81) S.Amdt. 1121 by Sen. Durbin [D-IL] Amendment information not available. Proposed: May 14, 2009.
(82) S.Amdt. 1122 by Sen. Crapo [R-ID] Amendment information not available. Proposed: May 14, 2009.
(83) S.Amdt. 1123 by Sen. Burr [R-NC] Amendment information not available. Proposed: May 14, 2009.
(84) S.Amdt. 1124 by Sen. Lincoln [D-AR] Amendment information not available. Proposed: May 14, 2009.
(85) S.Amdt. 1125 by Sen. Dorgan [D-ND] Amendment information not available. Proposed: May 14, 2009.
(86) S.Amdt. 1126 by Sen. Lincoln [D-AR] To amend the Federal Deposit Insurance Act with respect to the extension of certain limitations. Proposed: May 14, 2009.
(87) S.Amdt. 1127 by Sen. Snowe [R-ME] Amendment information not available. Proposed: May 14, 2009.
(88) S.Amdt. 1129 by Sen. Murray [D-WA] Amendment information not available. Proposed: May 14, 2009.
(89) S.Amdt. 1130 by Sen. Dodd [D-CT] Of a perfecting nature. Proposed: May 19, 2009.
Accepted: May 19, 2009.
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