H. Res. 884: H.R. 3639 - Expedited CARD Reform for Consumers Act of 2009

COMMITTEE ACTION: REPORTED BY A VOICE VOTE on Tuesday November  3, 2009.
FLOOR ACTION: ADOPTED BY A RECORD VOTE OF 234-175 AFTER AGREEING TO THE PREVIOUS QUESTION BY A RECORD VOTE OF 228-176 on Wednesday, November 4, 2009. 

MANAGERS: Perlmutter/Sessions

111th Congress 
1st Session

H.RES 884

[Report No. 111-326]

 

 H.R. 3639 - Expedited CARD Reform for Consumers Act of 2009

  1. Structured rule.
  2. Provides one hour of general debate equally divided and controlled by the Chair and Ranking Minority Member of the Committee on Financial Services.
  3. Waives all points of order against consideration of the bill except for clauses 9 and 10 of rule XXI.
  4. Provides that the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill, modified by the amendment printed in part A of the report of the Committee on Rules accompanying this resolution shall be considered as adopted and provides that the bill, as amended, shall be considered as read.
  5. Waives all points of order against the bill, as amended. This waiver does not affect the point of order available under clause 9 of rule XXI (regarding earmark disclosure).
  6. Makes in order only those further amendments printed in part B of the Rules Committee report accompanying the resolution. Provides that the further amendments made in order may be offered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question in the House or in the Committee of the Whole.
  7.  Waives all points of order against the amendments printed in part B of the report except for clauses 9 and 10 of rule XXI.
  8. Provides that for those further amendments reported from the Committee of the Whole, the question of their adoption shall be put to the House en gros and without demand for division of the question.
  9. Provides one motion to recommit with or without instructions.
  10. Provides that the Chair may entertain a motion that the Committee rise only if offered by the chair of the Committee on Financial Services or his designee.
  11. Provides that the Chair may not entertain a motion to strike out the enacting words of the bill (as described in clause 9 of rule XVIII).

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RESOLUTION

Resolved, That at any time after the adoption of this resolution the Speaker may, pursuant to clause 2(b) of rule XVIII, declare the House resolved into the Committee of the Whole House on the state of the Union for consideration of the bill (H.R. 3639) 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. The first reading of the bill shall be dispensed with. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI. General debate shall be confined to the bill and shall not exceed one hour equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services. After general debate the bill shall be considered for amendment under the five-minute rule. The amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill, modified by the amendment printed in part A of the report of the Committee on Rules accompanying this resolution, shall be considered as adopted in the House and in the Committee of the Whole. The bill, as amended, shall be considered as the original bill for the purpose of further amendment under the five-minute rule and shall be considered as read. All points of order against provisions in the bill, as amended, are waived. Notwithstanding clause 11 of rule XVIII, no further amendment to the bill, as amended, shall be in order except those printed in part B of the report of the Committee on Rules. Each further amendment may be offered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question in the House or in the Committee of the Whole. All points of order against such further amendments are waived except those arising under clause 9 or 10 of rule XXI. At the conclusion of consideration of the bill for amendment the Committee shall rise and report the bill, as amended, to the House with such further amendments as may have been adopted. In the case of sundry further amendments reported from the Committee, the question of their adoption shall be put to the House en gros and without division of the question. The previous question shall be considered as ordered on the bill and amendments thereto to final passage without intervening motion except one motion to recommit with or without instructions.

Sec. 2. The Chair may entertain a motion that the Committee rise only if offered by the chair of the Committee on Financial Services or his designee. The Chair may not entertain a motion to strike out the enacting words of the bill (as described in clause 9 of rule XVIII).

SUMMARY OF AMENDMENT IN PART A TO BE CONSIDERED AS ADOPTED The amendment clarifies that the accelerated effective date of December 1, 2009 will apply only to those provisions in Titles I-III of the Credit CARD Act that now have an effective date on or after February 22, 2009.  These are the titles of the Credit CARD Act that deal directly with credit cards.  The amendment also provides that the accelerated effective dates are not applicable to any credit card issuer which is a depository institution with fewer than 2,000,000 credit cards in circulation as of the date of enactment of this bill. 

Text of the Amendment

 SUMMARY OF AMENDMENTS IN PART B TO BE MADE IN ORDER

(summaries derived from information provided by sponsors)

1.

 

 

Hensarling (TX): Would clarify that changes to a credit card agreement that reduce a customer's interest rate or other fees can be implemented immediately, instead of being subject to the 45-day waiting period required under the CARD Act of 2009.     (10 minutes)

2.

 

 

 

McCarthy, Carolyn (NY), Markey, Betsy (CO): Would provide that any card issuer that imposes a moratorium on increases in rates, fees and terms and conditions of a contract would be exempt from the accelerated date for the provision requiring an issuer to apply a customer's payment in excess of the minimum amount due, to the highest rate balance. (10 minutes)

3.

Maffei (NY): Would set the effective date of certain provisions of the CARD Act of 2009 to the enactment date of this Act. (10 minutes)

4.

Sutton (OH): Would prevent the closure of a credit card account in response to the imposition of a new fee from negatively impacting a consumer’s credit report or credit score.  (10 minutes)

5.

 

 

Stupak (MI): Would impose a moratorium on increasing annual percentage rates, fees and finance charges, as well as a moratorium on changing the terms for repayment of outstanding balances on credit card accounts, for nine months after enactment of this Act. (10 minutes)