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Full Text of this Amendment

SA 1070. Mrs. FEINSTEIN submitted an amendment intended to be proposed to amendment SA 1058 proposed by Mr. Dodd (for himself and Mr. Shelby) to the bill H.R. 627, to amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes; which was ordered to lie on the table; as follows:

At the end of title II, add the following:
SEC. 205. LIMITATION ON CONSIDERATIONS FOR RATE INCREASES.
Section 127 of the Truth in Lending Act (12 U.S.C. 1637), as otherwise amended by this Act, is amended by adding at the end the following:
``(q) Considerations for Rate Increases.--Notwithstanding any other provision of this title, no card issuer may reduce a credit limit or raise the interest rate applicable to a credit card account under an open end consumer credit plan based on--
``(1) whether the geographic location of the consumer is in an area experiencing a high rate of home foreclosures or significant declines in property values;
``(2) the identity of the holder of the home mortgage of the consumer; or
``(3) employment or involvement by the consumer in a business or industry that is economically distressed.''.


(As printed in the Congressional Record for the Senate on May 12, 2009.)