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Full Text of this Amendment

SA 1094. Mr. LEVIN (for himself, Mrs. McCaskill, and Ms. Collins) submitted an amendment intended to be proposed by him 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 appropriate place, insert the following:
SEC. __. STRENGTHEN CREDIT CARD INFORMATION COLLECTION.
Section 136(b) of the Truth in Lending Act (15 U.S.C. 1646(b)) is amended--
(1) in paragraph (1)--
(A) by striking ``The Board shall'' and inserting the following:
``(A) IN GENERAL.--The Board shall'';
(2) by adding at the end the following:
``(B) INFORMATION TO BE INCLUDED.--The information under subparagraph (A) shall include, for the relevant semiannual period, the following information--
``(i) a list of each type of transaction or event during the semiannual period for which one or more card issuer has imposed a separate interest rate upon a cardholder, including purchases, cash advances, and balance transfers;
``(ii) for each type of transaction or event identified under clause (i)--
``(I) each distinct interest rate charged by the card issuer to a cardholder during the semiannual period; and
``(II) the number of cardholders to whom each such interest rate was applied during the last calendar month of the semiannual period, and the total amount of interest charged to such cardholders at each such rate during such month;
``(iii) a list of each type of fee that one or more card issuer has imposed upon a cardholder during the semiannual period, including any fee imposed for obtaining a cash advance, making a late payment, exceeding the credit limit on an account, making a balance transfer, or exchanging United States dollars for foreign currency;
``(iv) for each type of fee identified under clause (iii), the number of cardholders upon whom the fee was imposed during each calendar month of the semiannual period, and the total amount of fees imposed upon cardholders during such month;
``(v) the total number of cardholders that incurred any interest charge or any fee during the semiannual period; and
``(vi) any other information related to interest rates, fees, or other charges that the Board deems of interest.''; and
(3) by adding at the end the following:
``(5) REPORT TO CONGRESS.--The Board shall, on an annual basis, transmit to Congress and make public a report containing an assessment by the Board of the profitability of credit card operations of depository institutions. Such report shall include estimates by the Board of the approximate, relative percentage of income derived by such operations from--
``(A) the imposition of interest rates on cardholders, including separate estimates for--
``(i) interest with an annual percentage rate of less than 25 percent, and
``(ii) interest with an annual percentage rate equal to or greater than 25 percent;
``(B) the imposition of fees on cardholders;
``(C) the imposition of fees on merchants, and
``(D) any other material source of income, while specifying the nature of that income.''.


(As printed in the Congressional Record for the Senate on May 13, 2009.)