Summary of Amendments Submitted to H.R. 627 - Credit Cardholders' Bill of Rights Act of 2009

Listed in Alphabetical Order
Apr 28, 2009 4:00 PM

Boccieri (OH)

#18

(REVISED) Would offer an optional, one-time, temporary deferral of minimum credit card payments to individuals who began collecting unemployment in 2009 and ending for those collecting unemployment in 2011, with interest still accruing over the deferral period. The individual would not face penalties for opting into the deferral period, and when their deferral period is over, they return to making minimum payments on their balance.

Brown-Waite (FL)

#26

Would require the monthly disclosure on credit card statements of the implications of paying only the minimum payment given the current balance. Required disclosure would also include the required monthly payment if the balance is to be eliminated in 12 or 36 months.

Castor (FL)

#44

Would require that in-person, verbal offers of credit, such as offers at retail stores, include verbal communication of all of the information required to be disclosed under the Truth in Lending act, including Annual percentage rates, fees, grace periods, and balance calculation.

Castor (FL)

#45

(WITHDRAWN) Would require that all credit card offers notify prospective applicants that excessive credit applications can adversely affect their credit rating.

Cohen (TN)

#40

Would prohibit solicitations of credit card applications to college students on college campuses with gifts and incentives.

Davis, Susan (CA)/
Carney (PA)

#39

(REVISED) Would 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.

Edwards, Donna (MD)

#14

Would prohibit credit card companies from using default on medical bills as a determining factor of credit risk or to increase interest rates.

Edwards, Donna (MD)

#15

Would impose a cap on increases of no more than 10% APR per year, applying only to new debt, and requires issuers to provide clear, written notification to consumers explaining the APR increase.

Edwards, Donna (MD)

#16

Would require that payments made in excess of the minimum are applied first to the highest interest debt owed on that line of credit.

Edwards, Donna (MD)

#17

Would place a cap on credit card interest rates at the prime rate plus 10%.

Frank (MA)

#25

(REVISED) Would 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.

Fudge (OH)

#31

(REVISED) Would keep fees separate from balances to avoid accruing interest on fees.

Fudge (OH)

#32

(REVISED) Would require that when one bank merges with another, the new company must agree to service existing accounts under the same terms for six months.

Fudge (OH)

#33

(WITHDRAWN) Would prohibit issuers from making changes in terms that have the effect of increasing a minimum payment.

Fudge (OH)

#34

(WITHDRAWN) Would prohibit a reduction in the credit line that has the effect of an increased ratio of balance to available credit line.

Fudge (OH)

#35

(WITHDRAWN) Would prohibit issuers from applying decisions taken due to activity by borrowers which are unrelated to the lender.

Gutierrez (IL)/
Peters, Gary (MI)

#29

Would 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.

Gutierrez (IL)

#30

(REVISED) Would 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 examine and 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.

Hastings, Alcee (FL)

#21

(WITHDRAWN) Would direct the Board of Governors of the Federal Reserve to examine and suggest appropriate guidelines for creditors to supply cardholders with information regarding the availability of legitimate and accredited credit counseling services.

Hensarling (TX)

#9

Would require that the Federal Reserve conduct a study and issue public semi-annual reports on the existence of certain effects of this legislation, and if these effects are found, the Fed is required to submit a report and recommendations to Congress.

Hensarling (TX)

#10

Would 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.

Hensarling (TX)

#11

Would 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.

Hinchey(NY)/Welch (VT)/
Tierney (MA)/ McDermott (WA)

#3

(WITHDRAWN) Would cap credit card interest rates at 18 percent.

Jackson-Lee (TX)

#47

(REVISED) Would require credit counseling for all students that take out student loans.

Jones (NC)

#7

Would 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.

Lee, Barbara (CA)

#50

(WITHDRAWN) Would apply the provisions of the bill to all credit card accounts under open end consumer credit plans 90 days after the date of enactment.

Lowey (NY)/
Abercrombie, Neil (HI)

#38

Would clarify that the underlying bill includes credit cards held by small businesses with fewer than 500 employees.

Lynch (MA)

#19

Would set monetary penalties for violations of the Truth in Lending Act related to credit cards and unsecured lending.

Lynch (MA)

#20

Would prohibit certain solicitation practices on college campuses, including the use of “pre-screened” or “pre-approved” offers of credit.

Maloney (NY)/
Watson (CA)

#24

Would 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.

Massa (NY)

#27

(WITHDRAWN) Would prohibit changing the terms of a credit card account with which the consumer is in compliance.

Minnick (ID)

#23

Would 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.

Murphy, Patrick (PA)/
Petri (WI)

#41

(REVISED) Would require credit card companies to report the marketing, affinity and promotional agreements that they have with institutions of higher education. It also calls for a GAO report in order to better understand the impact that these arrangements have on overall student credit card debt.

Perriello (VA)

#12

Would require a 6-month period for a promotional rate for credit cards before the standard rate may be increased.

Pingree, Chellie (ME)

#4

Would 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.

Pingree, Chellie (ME)

#5

(WITHDRAWN) Would require the Board of Governors of the Federal Reserve to post on the Board’s website the public report on the breakdown of income derived by the credit card operations of depository institutions that the Act requires transmitted to Congress each year.

Polis (CO)

#42

(REVISED) Would clarify that minors are allowed to have a credit card in their name on their parent or legal guardian's account.

Polis (CO)

#43

(WITHDRAWN) Would require creditors to offer a brief financial literacy tutorial to first time borrowers via the internet or standard mail. Acknowledgment of the materials and demonstration of comprehension would be a condition of extending the credit.

Price, Tom (GA)

#1

Would prevent class action lawsuits from being brought against an issuer under the legislation.

Price, David (NC)/
Miller, Brad (NC)/
Moran, James (VA)/
Quigley, Mike (IL)/
Lowey (NY)/
Stupak (MI)/
Sutton (OH)

#49

Would 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.

Roskam (IL)

#13

Would require the GAO to study whether the requirements of the legislation would have certain effects on small businesses. Based upon this report, the President shall determine whether this legislation should take effect and provide justification for his conclusion, delaying the effect of this bill until he has made an affirmative determination.

Schauer (MI)

#8

Would 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.

Schock (IL)

#48

(REVISED) Would 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.

Schwartz (PA)

#28

Would express the sense of Congress that financial literacy education is an important way to promote individual financial responsibility. It also requires a report from the Federal Reserve and other relevant entities on the efficacy of current efforts to provide financial literacy education to middle- and high-school students, and on proposals to improve the effectiveness of such efforts.

Sessions (TX)

#2

Would amend the Emergency Economic Stabilization Act to prohibit the Treasury Department from using TARP funds to purchase common stock in financial companies.

Slaughter (NY)/
Duncan (TN)/
Hastings, Alcee (FL)/
Johnson (GA)/
Christensen (VI)

#36

Would 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.

Slaughter (NY)

#37

(WITHDRAWN) 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.

Sutton (OH)

#51

Would prohibit a credit card company from retroactively increasing an interest rate on an existing balance where the payment is not received within the 30 day grace period after the due date.

Sutton (OH)

#52

Would prohibit a credit card company from retroactively increasing an interest rate on an existing balance where a work out agreement has been broken.

Teague, Harry (NM)/
Nye (VA)/Boccieri (OH)/Kissell (NC)

#6

Would 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.

Weiner (NY)

#46

(WITHDRAWN) 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.

Welch (VT)/
Shuster, Bill (PA)/
Dahlkemper (PA)

#22

(WITHDRAWN) Would require increased disclosure of interchange fees to merchants and cardholders, prohibit certain anti-competitive and unfair interchange fee practices, and empower the Federal Trade Commission to prohibit unfair and anti-competitive interchange fee practices.