To amend the Truth in Lending Act to establish a national usury rate for consumer credit card accounts under open end consumer credit plans, and for other purposes.

Summary: Restoring America's Commitment to Consumers Act of 2009 - Amends the Truth in Lending Act to prohibit the annual percentage rate (APR) applicable to an extension of credit on a credit card account under an open end consumer credit plan from exceeding 16%.

Includes in an APR any compensation fee (including a membership fee or an annual fee) for: (1) opening or maintaining the account; (2) granting an extension of credit; or (3) making available a line of credit.

Authorizes the Board of Governors of the Federal Reserve System to make adjustments to the maximum APR limitation; but creates the presumption that any increase by the Board to the maximum limitation is not in the public interest unless severe economic conditions justify the increase.

Prohibits construction of this Act as an endorsement by Congress of a 16% APR.

Declares the intention of Congress that: (1) such maximum APR limitation should merely serve as a ceiling on consumer credit cards and few, if any, consumer credit card accounts would ever bear the maximum rate; and (2) consumer credit card issuers should strive to maintain APRs most advantageous to borrowers.

Treats as an unfair or deceptive act or practice a credit card account which, as of December 11, 2009, bears an APR that is less than 16%, and subsequently increases it between December 11, 2009, and 60 days after enactment of this Act.

Imposes a $15 cap upon certain credit card account fees, including fees (such as late fees, overdraft fees, or over-the-limit transaction fees) for borrower default or breach of any condition upon which credit was extended.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Restoring America's Commitment to 
Consumers Act of 2009''.

SEC. 2. NATIONAL CREDIT CARD USURY RATE.

    Section 107 of the Truth in Lending Act (15 U.S.C. 1606) is amended 
by adding at the end the following new subsection:
    ``(f) National Consumer Credit Usury Rate.--
            ``(1) Limitation established.--Except as provided in 
        paragraph (3) and notwithstanding subsection (a) or any other 
        provision of law, the annual percentage rate applicable to any 
        extension of credit under, or any outstanding balance on, any 
        credit card account under an open end consumer credit plan may 
        not exceed 16 percent.
            ``(2) Inclusion of certain fees in determining apr.--In 
        determining the annual percentage rate applicable to any 
        extension of credit under, or any outstanding balance on, any 
        credit card account under an open end consumer credit plan for 
        purposes of paragraph (1), any fee compensating a creditor or 
        prospective creditor for opening or maintaining the account or 
        for an extension of credit or making available a line of 
        credit, such as a membership fee, or an annual fee shall be 
        included in the finance charge for purposes of section 107.
            ``(3) Adjustments.--
                    ``(A) In general.--Subject to paragraphs (4) and 
                (6), the Board may make adjustments to the maximum 
                annual percentage rate limitation under paragraph (1) 
                when any such adjustment is in the public interest and 
                economic conditions warrant to the extent the 
                limitation, after the adjustment, continues to fully 
                protect consumers from exploitive and unreasonable 
                lending practices.
                    ``(B) Presumption concerning increases.--Any 
                increase in the maximum annual percentage rate 
                limitation under paragraph (1) shall be presumed to not 
                be in the public interest unless the Board determines, 
                after opportunity for comment, that severe economic 
                conditions exist to justify an increase in such 
                limitation, taking into account the prevailing bank 
                prime rates, the rates in effect for overnight loans to 
                member banks (as defined in section 3 of the Federal 
                Deposit Insurance Act) and statistical information the 
                Board determines to be relevant.
            ``(4) Notice to the congress.--Upon making any adjustment 
        to the maximum annual percentage rate limitation in effect 
        under paragraph (1), the Board shall promptly submit a notice 
        of such adjustment to the Congress.
            ``(5) Hearing.--
                    ``(A) In general.--After receipt by the House of 
                Representatives of a notice from the Board pursuant to 
                paragraph (4) of an adjustment to the maximum annual 
                percentage rate limitation in effect under paragraph 
                (1), the Committee on Financial Services of the House 
                of Representatives shall promptly conduct a hearing on 
                such adjustment.
                    ``(B) Rules of house of representatives.--The 
                provisions of subparagraph (A) are enacted--
                            ``(i) as an exercise of the rulemaking 
                        power of the House of Representatives, and, as 
                        such, they shall be considered as part of the 
                        rules of the House, and such rules shall 
                        supersede any other rule of the House only to 
                        the extent that rule is inconsistent therewith; 
                        and
                            ``(ii) with full recognition of the 
                        constitutional right of the House to change 
                        such rules (so far as relating to the procedure 
                        in the House) at any time, in the same manner, 
                        and to the same extent as in the case of any 
                        other rule of the House.
            ``(6) Delayed effective date of any increase.--An increase, 
        in accordance with paragraph (3)(B), in the maximum annual 
        percentage rate limitation under paragraph (1)--
                    ``(A) may not take effect before the end of the 90-
                day period beginning on the date the notice to the 
                Congress is submitted by the Board under paragraph (4); 
                and
                    ``(B) shall cease to be effective as of the date of 
                the enactment of a joint resolution with respect to 
                such increase.
            ``(7) Clarification of congressional intent.--
                    ``(A) No endorsement of 16 percent credit card 
                rates.--No provision of this subsection may be 
                construed as an endorsement by Congress of an interest 
                rate of 16 percent on credit card accounts to which 
                paragraph (1) applies.
                    ``(B) Rates most advantageous to the borrower.--It 
                is the intention of the Congress in enacting this 
                subsection that--
                            ``(i) the maximum annual percentage rate 
                        limitation under paragraph (1) should merely 
                        serve as a ceiling on the annual percentage 
                        rate applicable consumer credit cards and few, 
                        if any, consumer credit card accounts would 
                        ever bear the maximum rate; and
                            ``(ii) consumer credit card issuers should 
                        strive to maintain the rates on consumer credit 
                        card accounts that are the most advantageous to 
                        borrowers.
            ``(8) Unfair and deceptive act or practice.--In the case of 
        any credit card account under an open end consumer credit plan 
        which, as of December 11, 2009, bears an annual percentage rate 
        that is less than 16 percent, any increase in the annual 
        percentage on such account during the period beginning on 
        December 11, 2009, and ending at the end of the 60-day period 
        beginning on the date of the enactment of the Restoring 
        America's Commitment to Consumers Act of 2009 shall be treated 
        by the agency with jurisdiction over the creditor under section 
        108 as an unfair or deceptive act or practice.
            ``(9) Definition.--In this subsection, the term `joint 
        resolution' means only a joint resolution--
                    ``(A) which does not have a preamble;
                    ``(B) the title of which is as follows: `Joint 
                resolution relating to the increase in the interest 
                rates on credit card accounts pursuant to section 
                107(f)(3) of the Truth in Lending Act.'; and
                    ``(C) the sole matter after the resolving clause of 
                which is as follows: `That the Congress disapproves of 
                any increase, pursuant to section 107 (f)(3) in the 
                maximum annual percentage rate limitation applicable to 
                any extension of credit under, or any outstanding 
                balance on, any credit card account under an open end 
                consumer credit plan, notice of which was transmitted 
                to the Congress on ___ by the Board of Governors of the 
                Federal Reserve System', the blank space being filled 
                with the appropriate date.''.

SEC. 3. CAP ON CERTAIN CREDIT CARD ACCOUNT FEES.

    (a) In General.--Chapter 3 of the Truth in Lending Act (15 U.S.C. 
1661 et seq.) is amended by inserting after section 150 (as added by 
section 109(a) of the Credit Card Accountability Responsibility and 
Disclosure Act of 2009) the following: new section:
``Sec. 151. Cap on certain credit card account fees.
    ``(a) In General.--Except as provided in subsection (b), the amount 
of any fee that a card issuer may impose with respect to a credit card 
account under an open end consumer credit plan, including any fee for 
default or breach by a borrower of a condition upon which credit was 
extended, such as a late fee, creditor-imposed not sufficient funds fee 
charged when a borrower tenders payment on a debt with a check drawn on 
insufficient funds, overdraft fee, and over-the-limit transaction fee, 
or other charge that a card issuer may impose with respect to a credit 
card account under an open end consumer credit plan may not exceed $15.
    ``(b) Exception for Fees Taken Into Account Under Section 
107(f)(2).--Subsection (a) shall not apply with respect to any fee 
taken into account pursuant to subsection (f)(2) of section 107.''.
    (b) Clerical Amendment.--The table of sections for chapter 3 of the 
Truth in Lending Act is amended by inserting after the item relating to 
section 150 (as added by section 109(b) of the Credit Card 
Accountability Responsibility and Disclosure Act of 2009) the following 
new item:

``151. Cap on certain credit card account fees.''.

SEC. 4. CLARIFICATION OF COORDINATION WITH STATE LAW.

    The first sentence of section 111(a)(1) of the Truth in Lending Act 
(15 U.S.C. 1610(a)(1)) is amended by striking ``the disclosure of 
information in connection with''.

SEC. 5. EFFECTIVE DATE.

    The amendments made by sections 2 and 3 shall take effect on the 
date of the enactment of this Act.