GovTrack’s Bill Summary
We don’t have a summary available yet.
The bill’s title was written by its sponsor. H.R. stands for House of Representatives bill.
This bill was introduced in a previous session of Congress and was passed by the House on November 4, 2009 but was never passed by the Senate.
Last updated Nov 05, 2009.
|Referred to Committee|
|Reported by Committee|
To amend the Credit Card Accountability Responsibility and Disclosure Act of 2009 to establish an earlier effective date for various consumer protections, and for other purposes.
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No summaries available.
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H.R. 3639--111th Congress: Expedited CARD Reform for Consumers Act of 2009. (2009). In www.GovTrack.us. Retrieved March 16, 2014, from http://www.govtrack.us/congress/bills/111/hr3639
“H.R. 3639--111th Congress: Expedited CARD Reform for Consumers Act of 2009.” www.GovTrack.us. 2009. March 16, 2014 <http://www.govtrack.us/congress/bills/111/hr3639>
|title=H.R. 3639 (111th)
|accessdate=March 16, 2014
|author=111th Congress (2009)
|date=September 24, 2009
|quote=Expedited CARD Reform for Consumers Act of 2009
We don’t have a summary available yet.
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
This summary can be found at http://www.gop.gov/bill/111/1/hr3639.
Some members may be concerned that since the Credit CARD Act was signed into law on May 22, 2009, consumers, including many small businesses, have experienced a dramatic decrease in the availability of credit. Seventy-nine percent of small businesses surveyed by the Small Business Administration said that credit card lending has tightened since last year. Small business lending is down almost $118 billion since the fourth quarter of 2008 and 10 percent of all credit-card lines have been cancelled outright.
Federal Reserve Chairman Ben Bernanke expressed his concerns regarding the harmful impact of H.R. 3639. In an October 9, 2009 letter to Rep. Spencer Bachus (R-AL), Chairman Bernanke stated,
"Creditors must make extensive changes to their systems and business models in order to comply with the Credit CARD Act...Creditors must also revise underwriting systems for all new and existing credit card accounts, develop new systems for calculating interest charges when balances are partially paid during a grace period, create procedures for submitting credit card agreements for publication on the Board's website, and design new disclosures regarding the consequences of making minimum payments."
"Board staff understands that many small institutions (such as community banks and credit unions) rely heavily on third-party vendors to adjust their systems and that these vendors are currently overwhelmed by the demand from all of the institutions they service."
"Board staff also notes that creditors are not the only entities that must comply with the Credit CARD Act. In particular, the Act requires institutions of higher education to disclose agreements with credit card issuers regarding the marketing of credit cards to student. Many of these institutions may be unaware of the new requirement and will require some time to put procedures in place to make these agreements available."
H.R. 3639 would accelerate the implementation dates of the Credit Card Accountability Responsibility and Disclosure Act of 2009, moving the nine-month (February 20, 2010) and 15-month (August 22, 2010) implementation dates up to December 1, 2009. The February rulemaking addresses the majority of the provisions in the Credit CARD Act, including the limitations on rate increases for existing balances, the requirement that creditors consider a consumer's ability to make the required payment before opening a credit card account or increasing a credit limit, the provisions addressing extensions of credits to consumers who are under 21, the limitations on the assessment of fees for exceeding the credit limit, the requirement that payments above the minimum generally be allocated first to that balance with the highest rate, and the prohibitions on double-cycle billing and on charging interest on amount paid prior to the expiration of the grace period. The August provisions address fees and disclosures for gift cards and other prepaid cards, the amount of credit card penalty fees, and the requirement that creditors re-evaluate past credit card rate increases every six months.
The Congressional Budget Office (CBO) estimates that enacting this bill would have no significant effect on revenues or net direct spending. H.R. 3639 would impose private-sector mandates. The CBO estimates that the aggregate cost of those mandates would probably exceed the annual threshold established in UMRA for private-sector mandates ($139 million in 2009, adjusted annually for inflation).
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The bill contains the following citations to other parts of U.S. law:
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