04/30/09 12:02 PM
DEBATE - Pursuant to the provisions of H.Res. 379, the Committee of the Whole proceeded with 10 minutes of debate on the Slaughter amendment.
04/30/09 12:01 PM
Amendment offered by Ms. Slaughter.
04/30/09 12:01 PM
An amendment numbered 3 printed in House Report 111-92 to 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.
On agreeing to the Frank (MA) amendment Agreed to by voice vote.
04/30/09 11:53 AM
DEBATE - Pursuant to the provisions of H.Res. 379, the Committee of the Whole proceeded with 10 minutes of debate on the Frank amendment.
04/30/09 11:52 AM
Amendment offered by Mr. Frank (MA).
04/30/09 11:52 AM
An amendment numbered 2 printed in House Report 111-92 to 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.
04/30/09 11:51 AM
On agreeing to the Gutierrez amendment Agreed to by voice vote.
04/30/09 11:41 AM
DEBATE - Pursuant to the provisions of H.Res. 379, the Committee of the Whole proceeded with 20 minutes of debate on the Gutierrez amendment number 1.
04/30/09 11:40 AM
Amendment offered by Mr. Gutierrez.
04/30/09 11:40 AM
An amendment numbered 1 printed in House Report 111-92 to 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 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.
FURTHER CONSIDERATION OF H.R. 627 - Pursuant to the provisions of H.Res. 379, the Committee of the Whole resumed consideration of H.R. 627 and the amendments made in order thereto by the rule.
The House resolved into Committee of the Whole House on the state of the Union for further consideration.
Considered as unfinished business.
