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Full Text of this Amendment

SA 1108. Mrs. BOXER 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 V, add the following:
SEC. 503. REPORTS ON ISSUER PRACTICES DURING THE INTERIM PERIOD BETWEEN THE DATE OF ENACTMENT AND THE EFFECTIVE DATE.
(a) Purpose.--The purpose of this section is to require credit card issuers and the agencies that regulate such issuers to report information on increases in consumer interest rates and consumer complaints that occur during the period between the date of enactment of this Act and the effective date of this Act under section 3.
(b) Reports to Agencies Required.--
(1) IN GENERAL.--Not later than 45 days after the date of enactment of this Act, and every 45 days thereafter, each card issuer shall submit to the appropriate enforcement agency a report containing data on any increase in consumer interest rates by the card issuer made on or after May 1, 2009.
(2) CONTENTS OF REPORTS.--The reports required under paragraph (1)--
(A) shall include--
(i) the number of cardholders affected by each such increase;
(ii) the categories of cardholders affected by each such increase;
(iii) the size of each such increase;
(iv) the reason for each such increase; and
(v) a summary of the volume and nature of any complaints received from cardholders concerning interest rate increases that would be prohibited if such increases took place after the effective date of this Act; and
(B) need not include information on individually negotiated changes to contractual terms, such as individually modified workouts or renegotiations of amounts owed by a consumer under an open end consumer credit plan.
(c) Summary of Data on Complaints.--Each appropriate enforcement agency shall--
(1) summarize information on the volume and nature of any complaints received by such agency from a consumer concerning interest rate increases that would be prohibited if such increases took place after the effective date of this Act; and
(2) provide such summary to the Board for purposes of subsection (e).
(d) Reports and Data Available to Public.--Each appropriate enforcement agency shall make the reports and data required under subsections (b) and (c) available to the public.
(e) Reports to Congress.--
(1) REPORTS REQUIRED.--The Board shall submit to Congress periodic reports on practices of creditors that contain a compilation of the reports and data required under subsections (b) and (c).
(2) AGENCY COOPERATION.--Each appropriate enforcement agency shall provide compilations of any reports it receives under this section to the Board for purposes of this subsection.
(3) TIMING OF REPORTS.--The Board shall submit the reports required under paragraph (1) not later than 90 days after the date of enactment of this Act, and every 90 days thereafter.
(f) Effective Date.--Notwithstanding section 3 of this Act, this section shall be effective during the period beginning on the date of enactment of this Act and ending on the effective date of this Act under section 3.
(g) Definitions.--In this section--
(1) the term ``appropriate enforcement agency'' means, with respect to a card issuer, the agency responsible for administrative enforcement relating to such card issuer under section 108 of the Truth in Lending Act (15 U.S.C. 1607); and
(2) the terms ``cardholder'', ``card issuer'', ``consumer'', and ``open end credit plan'' have the same meanings as section 103 of the Truth in Lending Act (15 U.S.C. 1602).


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