US Congress HR627

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On May 22, 2009 in the House:

Signed by President.
Became Public Law No: 111-24.

On May 21, 2009 in the House:

Presented to President.

On May 20, 2009 in the House:

On motion to agree to all but section 512 of the Senate amendment Agreed to by recorded vote: 361 - 64 .

On May 20, 2009 in the Senate:

Mr. Frank moved that the House agree to the Senate amendment.
DEBATE - Puruant to the provisions of H. Res. 456 , the House proceeded with one hour of debate on the motion to agree to the Senate amendment to H.R. 627 . Pursuant to the provisions of H. Res. 456 and at the conclusion of debate on the motion, the Chair will put the question in divided portions.
The previous question was ordered pursuant to the rule.

On May 20, 2009 in the House:

Motion to reconsider laid on the table Agreed to without objection.

On May 20, 2009 in the Senate:

On motion to agree to section 512 of the Senate amendment Agreed to by the Yeas and Nays: 279 - 147 .
Motion to reconsider laid on the table Agreed to without objection.
Pursuant to the provisions of H. Res. 456 , the House is considered to have agreed to the Senate amendment.

On May 20, 2009 in the House:

Cleared for White House.

On May 19, 2009 in the Senate:

Considered by Senate.
S.AMDT.1058 Considered by Senate.
S.AMDT.1079 Considered by Senate.
S.AMDT.1107 Considered by Senate.
S.AMDT.1126 Considered by Senate.
S.AMDT.1130 Amendment SA 1130 proposed by Senator Dodd to Amendment SA 1058. Of a perfecting nature.
S.AMDT.1130 Amendment SA 1130 agreed to in Senate by Unanimous Consent.
S.AMDT.1058 Cloture on amendment SA 1058 invoked in Senate by Yea-Nay Vote. 92 - 2.
S.AMDT.1079 Point of order raised in Senate with respect to amendment SA 1079.
S.AMDT.1107 Point of order raised in Senate with respect to amendment SA 1107.
S.AMDT.1079 Amendment SA 1079 ruled non-germane by the chair.
S.AMDT.1107 Amendment SA 1107 ruled non-germane by the chair.
S.AMDT.1126 SA 1126 fell when SA 1107 was ruled non-germane.
S.AMDT.1058 Amendment SA 1058 agreed to in Senate by Unanimous Consent.
Passed Senate with an amendment by Yea-Nay Vote. 90 - 5.
Message on Senate action sent to the House.

On May 14, 2009 in the Senate:

Considered by Senate.
S.AMDT.1058 Considered by Senate.
S.AMDT.1079 Considered by Senate.
S.AMDT.1107 Considered by Senate.
S.AMDT.1126 Amendment SA 1126 proposed by Senator Lincoln to Amendment SA 1107. To amend the Federal Deposit Insurance Act with respect to the extension of certain limitations.
Cloture motion on the bill withdrawn by unanimous consent in Senate.

On May 13, 2009 in the Senate:

Considered by Senate.
S.AMDT.1058 Considered by Senate.
S.AMDT.1062 Considered by Senate.
S.AMDT.1066 Considered by Senate.
S.AMDT.1084 Considered by Senate.
S.AMDT.1085 Considered by Senate.
S.AMDT.1104 Amendment SA 1104 proposed by Senator Isakson to Amendment SA 1084. To require the Comptroller General to conduct a study on the relationship between fluency in the English language and financial literacy.
S.AMDT.1104 Amendment SA 1104 agreed to in Senate by Unanimous Consent.
S.AMDT.1084 Amendment SA 1084 agreed to in Senate by Unanimous Consent.
S.AMDT.1066 Amendment SA 1066 not agreed to in Senate by Yea-Nay Vote. 28 - 65.
S.AMDT.1062 Point of order raised in Senate with respect to amendment SA 1062.
S.AMDT.1062 Motion to waive the Budget Act with respect to amendment SA 1062 rejected in Senate by Yea-Nay Vote. 33 - 60.
S.AMDT.1062 Amendment SA 1062 ruled out of order by the chair.
S.AMDT.1085 Point of order raised in Senate with respect to amendment SA 1085.
S.AMDT.1085 Motion to waive the Budget Act with respect to amendment SA 1085 rejected in Senate by Yea-Nay Vote. 59 - 35.
S.AMDT.1085 Amendment SA 1085 ruled out of order by the chair.
S.AMDT.1079 Amendment SA 1079 proposed by Senator Landrieu to Amendment SA 1058. To end abuse, promote disclosure, and provide protections to small businesses that rely on credit cards.
S.AMDT.1058 Cloture motion on amendment SA 1058 presented in Senate.
Cloture motion on the bill presented in Senate.
S.AMDT.1107 Amendment SA 1107 proposed by Senator Collins to Amendment SA 1058. To address stored value devices and cards.

On May 12, 2009 in the Senate:

Considered by Senate.
S.AMDT.1058 Considered by Senate.
S.AMDT.1067 Amendment SA 1067 proposed by Senator Coburn to Amendment SA 1058. To protect innocent Americans from violent crime in national parks and refuges.
S.AMDT.1068 Amendment SA 1068 proposed by Senator Coburn. To protect innocent Americans from violent crime in national parks and refuges.
S.AMDT.1067 Amendment SA 1067, pursuant to the order of May 12, 2009, having acheived the required 60 votes in the affirmative, was agreed to in Senate by Yea-Nay Vote. 67 - 29.
S.AMDT.1068 Proposed amendment SA 1068 withdrawn in Senate.
S.AMDT.1085 Amendment SA 1085 proposed by Senator McConnell for Senator Gregg to Amendment SA 1058. To enhance public knowledge regarding the national debt by requiring the publication of the facts about the national debt on IRS instructions, Federal websites, and in new legislation.
S.AMDT.1066 Amendment SA 1066 proposed by Senator Vitter to Amendment SA 1058. To specify acceptable forms of identification for the opening of credit card accounts.
S.AMDT.1062 Amendment SA 1062 proposed by Senator Sanders to Amendment SA 1058. To establish a national consumer credit usury rate.
S.AMDT.1084 Amendment SA 1084 proposed by Senator Gillibrand to Amendment SA 1058. To amend the Fair Credit Reporting Act to require reporting agencies to provide free credit reports in the native language of certain non-English speaking consumers.

On May 11, 2009 in the Senate:

Measure laid before Senate by unanimous consent.
S.AMDT.1058 Amendment SA 1058 proposed by Senator Dodd. In the nature of a substitute.

On May 7, 2009 in the Senate:

Cloture motion on the motion to proceed to the measure withdrawn by unanimous consent in Senate.

On May 6, 2009 in the Senate:

Motion to proceed to consideration of measure made in Senate.
Cloture motion on the motion to proceed to the measure presented in Senate.
Motion to proceed to consideration of measure withdrawn in Senate.

On April 30, 2009 in the House:

Rule H. Res. 379 passed House.
Considered as unfinished business.
The House resolved into Committee of the Whole House on the state of the Union for further consideration.
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.
H.AMDT.90 Amendment offered by Mr. Gutierrez. Amendment allows issuers to charge consumers for expedited payments by telephone when consumers request such an expedited payment; makes technical corrections; requires that all credit card offers notify prospective applicants that excessive credit applications can adversely affect their credit rating; directs 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; requires 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 requires 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.
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.
H.AMDT.90 On agreeing to the Gutierrez amendment Agreed to by voice vote.
H.AMDT.91 Amendment offered by Mr. Frank . Amendment requires 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 . 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.
DEBATE - Pursuant to the provisions of H.Res. 379 , the Committee of the Whole proceeded with 10 minutes of debate on the Frank amendment.
H.AMDT.91 On agreeing to the Frank amendment Agreed to by voice vote.
H.AMDT.92 Amendment offered by Ms. Slaughter. Amendment sets underwriting standards for student credit cards, including limiting credit lines to the greater of 20 percent of a students' 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.
DEBATE - Pursuant to the provisions of H.Res. 379 , the Committee of the Whole proceeded with 10 minutes of debate on the Slaughter amendment.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Slaughter amendment, the Chair put the question on adoption of the amendment and by voice vote, announced the ayes had prevailed. Mr. Neugebauer demanded a recorded vote and the Chair postponed further proceedings until later in the legislative day.
H.AMDT.93 Amendment offered by Mr. Gutierrez. Amendment requires 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.
DEBATE - Pursuant to the provisions of H.Res. 379 , the Committee of the Whole proceeded with 10 minutes of debate on the Gutierrez amendment number 4.
H.AMDT.93 On agreeing to the Gutierrez amendment Agreed to by voice vote.
H.AMDT.94 Amendment offered by Ms. Pingree . Amendment requires 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.
DEBATE - Pursuant to the provisions of H.Res. 379 , the Committee of the Whole proceeded with 10 minutes of debate on the Pingree amendment.
H.AMDT.94 On agreeing to the Pingree amendment Agreed to by voice vote.
H.AMDT.95 Amendment offered by Mr. Polis . Amendment clarifies that minors are allowed to have a credit card in their name on their parent or legal guardian's account.
DEBATE - Pursuant to the provisions of H.Res. 379 , the Committee of the Whole proceeded with 10 minutes of debate on the Polis amendment.
H.AMDT.95 On agreeing to the Polis amendment Agreed to by voice vote.
H.AMDT.96 Amendment offered by Mr. Jones. Amendment requires 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.
DEBATE - Pursuant to the provisions of H.Res. 379 , the Committee of the Whole proceeded with 10 minutes of debate on the Jones amendment.
H.AMDT.96 On agreeing to the Jones amendment Agreed to by voice vote.
H.AMDT.97 Amendment offered by Mrs. Maloney. Amendment requires credit cardholders to opt in to receive over-the-limit protection on their credit card in order for a credit card company to charge an over-the-limit fee. The amendment also allows for transactions that go over the limit to be completed for operational reasons as long as they are of a small amount. Lastly, the credit card company is not allowed to charge a fee.
DEBATE - Pursuant to the provisions of H.Res. 379 , the Committee of the Whole proceeded with 10 minutes of debate on the Maloney amendment.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Maloney amendment, the Chair put the question on adoption of the amendment and by voice vote, announced the ayes had prevailed. Mr. Neugebauer demanded a recorded vote and the Chair postponed further proceedings until later in the legislative day.
H.AMDT.98 Amendment offered by Mr. Hensarling. Amendment sought to allow issuers to raise rates on existing balances if they provided consumers clear notification 90 days in advance, provided that the issuer had previously specified this ability to consumers in their contract and at least once every year thereafter.
DEBATE - Pursuant to the provisions of H.Res. 379 , the Committee of the Whole proceeded with 10 minutes of debate on the Hensarling amendment number 9.
H.AMDT.98 On agreeing to the Hensarling amendment Failed by voice vote.
H.AMDT.99 Amendment offered by Mr. Hensarling. Amendment sought to 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.
DEBATE - Pursuant to the provisions of H.Res. 379 , the Committee of the Whole proceeded with 10 minutes of debate on the Hensarling amendment number 10.
H.AMDT.99 On agreeing to the Hensarling amendment Failed by voice vote.
H.AMDT.100 Amendment offered by Mr. Minnick. Amendment provides that the amount of a balance following a notice of a rate increase would be protected from the rate of increase as of the 7-day mark instead of the 14-day mark.
H.AMDT.105 On agreeing to the Teague amendment Agreed to by voice vote.
DEBATE - Pursuant to the provisions of H.Res. 379 , the Committee of the Whole proceeded with 10 minutes of debate on the Schock amendment.
H.AMDT.106 On agreeing to the Schock amendment Agreed to by voice vote.
H.AMDT.92 On agreeing to the Slaughter amendment Agreed to by recorded vote: 276 - 154 .
H.AMDT.97 On agreeing to the Maloney amendment Agreed to by recorded vote: 284 - 149 .
The House rose from the Committee of the Whole House on the state of the Union to report H.R. 627 .
The previous question was ordered pursuant to the rule.
The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union.
Floor summary: DEBATE - The House proceeded with 10 minutes of debate on the Roskam motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to add a section entitled Trigger for Enactment.
The previous question on the motion to recommit with instructions was ordered without objection.
On motion to recommit with instructions Failed by recorded vote: 164 - 263 .
On passage Passed by recorded vote: 357 - 70 .
Motion to reconsider laid on the table Agreed to without objection.
The Clerk was authorized to correct section numbers, punctuation, and cross references, and to make other necessary technical and conforming corrections in the engrossment of H.R. 627 .

On April 30, 2009 in the Senate:

Received in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 55.

On April 30, 2009 in the House:

DEBATE - Pursuant to the provisions of H.Res. 379 , the Committee of the Whole proceeded with 10 minutes of debate on the Minnick amendment.
H.AMDT.100 On agreeing to the Minnick amendment Agreed to by voice vote.
H.AMDT.101 Amendment offered by Mr. Price . Amendment requires 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 months; and requires 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.
DEBATE - Pursuant to the provisions of H.Res. 379 , the Committee of the Whole proceeded with 10 minutes of debate on the Price amendment.
H.AMDT.101 On agreeing to the Price amendment Agreed to by voice vote.
H.AMDT.102 Amendment offered by Mr. Gutierrez. Amendment requires card issuers to notify cardholders 30 days in advance before closing their accounts; provide the reason for the account closure; provide options for keeping the account open; make programs available to repay the balance; and provide the resulting impact on cardholders credit scores.
DEBATE - Pursuant to the provisions of H.Res. 379 , the Committee of the Whole proceeded with 10 minutes of debate on the Gutierrez amendment number 13.
H.AMDT.102 On agreeing to the Gutierrez amendment Agreed to by voice vote.
H.AMDT.103 Amendment offered by Mr. Perriello. Amendment requires a 6-month period for a promotional rate for credit cards before the standard rate may be increased.
DEBATE - Pursuant to the provisions of H.Res. 379 , the Committee of the Whole proceeded with 10 minutes of debate on the Perriello amendment.
H.AMDT.103 On agreeing to the Perriello amendment Agreed to by voice vote.
H.AMDT.104 Amendment offered by Mr. Schauer. Amendment requires creditors to post their credit card written agreements on their websites and requires the Federal Reserve Board to compile and report those agreements on its website.
DEBATE - Pursuant to the provisions of H.Res. 379 , the Committee on the Whole proceeded with 10 minutes of debate on the Schauer amendment.
H.AMDT.104 On agreeing to the Schauer amendment Agreed to by voice vote.
H.AMDT.105 Amendment offered by Mr. Teague. Amendment restricts 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.
DEBATE - Pursuant to the provisions of H.Res. 379 , the Committee of the Whole proceeded with 10 minutes of debate on the Teague amendment.
H.AMDT.106 Amendment offered by Mr. Schock. Amendment allows 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 will be automatically removed from any such report.
Mr. Roskam moved to recommit with instructions to Financial Services.

On April 29, 2009 in the House:

Consideration initiated pursuant to a previous order.
Considered pursuant to a previous order.
The House resolved into Committee of the Whole on the state of the Union pursuant to special order.
The Speaker designated the Honorable Henry Cuellar to act as Chairman of the Committee.
GENERAL DEBATE - Pursuant to a previous special order, the Committee of the Whole proceeded with one hour of general debate on H.R. 627 .
Committee of the Whole House on the state of the Union rises leaving H.R. 627 as unfinished business.
Rules Committee Resolution H. Res. 379 Reported to House. Rule provides for consideration of H.R. 627 . 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. It shall be in order to consider as an original bill for the purpose of 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. All points of order against the committee amendment in the nature of a substitute are waived except those arising under clause 10 of rule XXI.

On April 27, 2009 in the House:

Reported by the Committee on Financial Services. H. Rept. 111-88 .
Placed on the Union Calendar, Calendar No. 41.

On April 22, 2009 in the House:

Committee Consideration and Mark-up Session Held.
Ordered to be Reported by the Yeas and Nays: 48 - 19.

On April 2, 2009 in the House:

Subcommittee Consideration and Mark-up Session Held.
Forwarded by Subcommittee to Full Committee by Voice Vote .

On April 1, 2009 in the House:

Subcommittee Consideration and Mark-up Session Held.

On March 19, 2009 in the House:

Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Subcommittee Hearings Held.

On January 22, 2009 in the House:

Sponsor introductory remarks on measure.
Referred to the House Committee on Financial Services.

H.AMDT.100

Amendment provides that the amount of a balance following a notice of a rate increase would be protected from the rate of increase as of the 7-day mark instead of the 14-day mark.

Amendment requires 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 months; and requires 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.

H.AMDT.102

Amendment requires card issuers to notify cardholders 30 days in advance before closing their accounts; provide the reason for the account closure; provide options for keeping the account open; make programs available to repay the balance; and provide the resulting impact on cardholders credit scores.

H.AMDT.103

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

H.AMDT.104

Amendment requires creditors to post their credit card written agreements on their websites and requires the Federal Reserve Board to compile and report those agreements on its website.

H.AMDT.105

Amendment restricts 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.

H.AMDT.106

Amendment allows 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 will be automatically removed from any such report.

H.AMDT.90

Amendment allows issuers to charge consumers for expedited payments by telephone when consumers request such an expedited payment; makes technical corrections; requires that all credit card offers notify prospective applicants that excessive credit applications can adversely affect their credit rating; directs 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; requires 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 requires 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.

H.AMDT.91

Amendment requires 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.

H.AMDT.92

Amendment sets underwriting standards for student credit cards, including limiting credit lines to the greater of 20 percent of a students' 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.

H.AMDT.93

Amendment requires 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.

H.AMDT.94

Amendment requires 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.

H.AMDT.95

Amendment clarifies that minors are allowed to have a credit card in their name on their parent or legal guardian's account.

H.AMDT.96

Amendment requires 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.

H.AMDT.97

Amendment requires credit cardholders to opt in to receive over-the-limit protection on their credit card in order for a credit card company to charge an over-the-limit fee. The amendment also allows for transactions that go over the limit to be completed for operational reasons as long as they are of a small amount. Lastly, the credit card company is not allowed to charge a fee.

H.AMDT.98

Amendment sought to allow issuers to raise rates on existing balances if they provided consumers clear notification 90 days in advance, provided that the issuer had previously specified this ability to consumers in their contract and at least once every year thereafter.

H.AMDT.99

Amendment sought to 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.