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H.Res. 110 (104th): Affirming the support of the House of Representatives for the American Consumer Banking Bill of Rights.

The text of the bill below is as of Mar 9, 1995 (Introduced).



1st Session

H. RES. 110

Affirming the support of the House of Representatives for the American Consumer Banking Bill of Rights.


March 9, 1995

Mr. GONZALEZ (for himself, Mr. LAFALCE, Mr. VENTO, Mr. SCHUMER, Mr. KENNEDY of Massachusetts, Mr. FLAKE, Mr. MFUME, Ms. WATERS, Mr. SANDERS, Mrs. MALONEY, Mr. GUTIERREZ, Ms. ROYBAL-ALLARD, Mr. BARRETT of Wisconsin, Ms. VELAZQUEZ, Mr. WYNN, Mr. FIELDS of Louisiana, Mr. WATT of North Carolina, Mr. HINCHEY, and Mr. ACKERMAN) submitted the following resolution; which was referred to the Committee on Banking and Financial Services


Affirming the support of the House of Representatives for the American Consumer Banking Bill of Rights.

Whereas efforts are underway in the 104th Congress to reduce and abolish many cherished consumer safeguards and legal protections for American citizens in the daily conduct of their financial affairs;

Whereas such efforts would have a disproportionate and adverse impact on moderate- and middle-income Americans;

Whereas such legal protections, financial rights, and consumer safeguards contained in various Acts of Congress have contributed significantly to the financial certainty and well-being of all Americans;

Whereas the repeal or dilution of such consumer safeguards and legal protections would subject Americans to increased risk of fraud, financial loss, and discrimination; and

Whereas regulations may warrant review for the purpose of streamlining and increasing their efficiency and effectiveness, those regulations that go to the heart of consumer safeguards in financial services warrant protection: Now, therefore, be it

    Resolved, That the House of Representatives affirms its continued support for the rights and protections granted and assured to all Americans in the conduct of their financial affairs by various Acts of Congress, including the following:

      (1) The right to a safe and sound banking system, without fear of additional taxpayer bailouts, including the right of consumers with deposits in federally insured institutions to have their funds safeguarded through competent and sound examination and supervision.

      (2) The right to meaningful, uniform credit-term disclosures, including the right to know, in advance, all of the costs of getting a mortgage, a credit card, or any other type of credit extension or loan, the right to know these costs in simple, uniform terms so that consumers can comparison shop before they take out a loan or purchase credit, and the right to cancel a loan when the important terms have not been properly disclosed and a consumer’s home is at risk.

      (3) The right to equal access to credit, including the right to credit extension based on objective criteria relating to a consumer’s creditworthiness and without regard to the consumer’s race, color, religion, national origin, sex, marital status, or age.

      (4) The right to have banks reinvest and provide essential services in their local neighborhoods.

      (5) The right to expedited access to funds, including the right to the use of income from a local check within 1 business day of deposit.

      (6) The right to fair and accurate savings accounts terms, including the right to earn interest on all of the money in an interest-bearing account, and the right to know the rates and terms of interest on these accounts.

      (7) The right to have an accurate and secure credit history, including the right to have accurate credit reports, and the right to maintain the privacy of sensitive financial information.

      (8) The right to be free of abusive and unfair debt collection practices.

      (9) The right to protection against unauthorized use of credit cards and debit cards, including the right to limited consumer liability of no more than $50 when the loss of or the unauthorized use of any such card is promptly reported to the creditor.