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

  • This item is from the 111th Congress (2009-2010) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

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H.R. 3639 would amend the Credit Card Accountability Responsibility and Disclosure Act of 2009 to establish an earlier effective date for various consumer protections.

Detailed Summary

Expedited CARD Reform for Consumers Act of 2009 - Amends the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit CARD Act of 2009) to move up the effective date of the Act, except for certain depository institutions, from February 20, 2010, to December 1, 2009.

Makes February 22, 2010, the effective date of the Act for a depository institution with fewer than two million credit cards in circulation on the date of the enactment of this Act.<br>

Amends the Truth in Lending Act to move up also to December 1, 2009: (1) the deadline by which the Board of Governors of the Federal Reserve System must issue final implementing rules for required creditor reviews of changes in factors considered in past consumer annual percentage interest rate (APR) increases when determining whether to reduce the APR; and (2) the effective date of the creditor review requirement. But makes February 22, 2010, the rules deadline, and August 22, 2010, the effective date of the creditor review requirement itself, with respect to a depository institution with fewer than two million credit cards in circulation on the date of the enactment of this Act.

Moves up to December 1, 2009, as well: (1) the effective date of the requirement that any penalty fee or charge that a credit card issuer may impose, including a late payment fee, over-the-limit fee, or any other penalty fee or charge, be reasonable and proportional to the omission or violation to which it relates; and (2) the deadline for the Board to issue final implementing rules establishing standards for assessing whether any such penalty fee or charge is reasonable and proportional. But makes February 22, 2010, the rules deadline, and August 22, 2010, the effective date of the reasonable and proportional requirement itself, with respect to a depository institution with fewer than two million credit cards in circulation on the date of the enactment of this Act.

Status of the Legislation

Latest Major Action: 11/3/2009: Rules Committee Resolution H. Res. 884 Reported to House. Rule provides for consideration of H.R. 3639 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. The rule waives all points of order against consideration of the bill except clauses 9 and 10 of rule XXI. The rule 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, shall be considered as adopted and provides that the bill, as amended shall be considered as the original bill for the purpose of further amendment under the five-minute rule.

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