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Full Text of this Amendment

SA 1119. Mr. LEVIN (for himself, Mrs. McCaskill, and Ms. Collins) 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:


On page 46, line 18, through page 47, line 11, strike the text and insert the following--

``(a) Required Review.--

``(1) In general.--Not later than 2 years after the effective date of this Act and every 2 years thereafter, except as provided in subsection (c)(2), the Board shall conduct a review of the consumer credit card market, including--

``(A) the terms of credit card agreements and the practices of credit card issuers;

``(B) the effectiveness of disclosures of terms, fees, and other expenses of credit card plans;

``(C) the adequacy of protections against unfair or deceptive acts or practices relating to credit card plans;

``(D) the cost and availability of credit, particularly with respect to non-prime borrowers;

``(E) the safety and soundness of credit card issuers;

``(F) the use of risk-based pricing; and

``(G) credit card product innovation; and

``(2) Credit card data.--In conducting the review under paragraph (1), the Board shall consider information collected under section 136 of the Truth in Lending Act (15 U.S.C. 1646); and to ensure an adequate review of the matters in subparagraphs (1)(A), (C), (D), (F), and (G), and to carry out section 149 of the Truth in Lending Act on the reasonableness and proportionality of credit card fees and charges, as amended by this Act, the Board shall require that the information collected
under section 136(b) of the Truth in Lending Act (15 U.S.C. 1646(b)) shall include the following--

``(A) a list of each type of transaction or event during the relevant 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;

``(B) for each type of transaction or event identified under subparagraph (A)--

``(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;

``(C) a list of each type of fee that one or more card issuer has imposed upon a cardholder during the relevant 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;

``(D) for each type of fee identified under clause (C), the number of cardholders upon whom the fee was imposed during each calendar month of the relevant semiannual period, and the total amount of fees imposed upon cardholders during such month;

``(E) the total number of cardholders that incurred any interest charge or any fee during the relevant semiannual period; and

``(F) any other information related to interest rates, fees, or other charges that the Board deems of interest to conduct the review under this section or carry out section 149 of the Truth in Lending Act, as amended by this Act.

``(3) Income analysis.--To ensure an adequate review of the matters in subparagraphs (1)(A), (C), (D), (E), (F) and (G), the Board shall, on an annual basis, transmit to Congress and make public a report containing an assessment by the Board of the approximate, relative percentage of income derived by credit card operations of depository institutions 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 14, 2009.)