Summary of Amendments Submitted to the Rules Committee for

(summaries derived from information provided by sponsors)

Listed in Alphabetical Order

Nov 03, 2009 3:17 PM

Hensarling (TX)

#6

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.

Hill (IN)

#9

Would prohibit minimum monthly payment increases that change the terms of a credit card agreement if the cardholder has paid their bill on time for the last year.

Holt (NJ)

#10

Revised Would provide an exemption from the expedited deadlines to creditors that never imposed detrimental changes to customer accounts after enactment of the CARD Act of 2009, or if they did, have reversed all such changes, and in each case, make no further changes to customer accounts until the bill is fully implemented.

Maffei (NY)

#4

Revised Would set the effective date of certain provisions of the CARD Act of 2009 to the enactment date of this Act.

McCarthy, Carolyn (NY), Markey, Betsy (CO)

#2

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.

Quigley (IL)

#1

Withdrawn Would repeal section 512 of the CARD Act of 2009 (16 U.S.C. 1a-7b) that permits firearms to be brought in to National Parks.

Roskam (IL)

#8

Would require individual income tax return forms to enable the taxpayer to determine (1) the share of the public debt of any dependents on the return, (2) the family share of the public debt, (3) how much the individual public debt burden has increased in the previous year; and (4) the adjusted gross income of the taxpayer as a percentage of the public debt.

Stupak (MI)

#5

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, effective upon enactment of this Act.

Sutton (OH)

#3

Revised 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.

Tierney (MA)

#7

Would require surcharge transaction fees charged by a credit card issuer be reasonable and proportional to the cost to the card issuer for processing such transaction. It would direct the Board of Governors of the Federal Reserve to issue regulations setting standards to assess whether transaction fees fit that criteria, based on the cost incurred by the creditor for processing such transactions, and the fairness of the fee charged to the consumer. These provisions would take effect seven months after enactment of this Act.