```

[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 627 Engrossed Amendment Senate (EAS)]

                  In the Senate of the United States,

                                                          May 19, 2009.
    Resolved, That the bill from the House of Representatives (H.R. 
627) entitled ``An Act 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.'', do 
pass with the following

                               AMENDMENT:

            Strike all after the enacting clause and insert the 
      following:

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Credit Card 
Accountability Responsibility and Disclosure Act of 2009'' or the 
``Credit CARD Act of 2009''.
    (b) Table of Contents.--
            The table of contents for this Act is as follows:

Sec. 1. Short title; table of contents.
Sec. 2. Regulatory authority.
Sec. 3. Effective date.

                      TITLE I--CONSUMER PROTECTION

Sec. 101. Protection of credit cardholders.
Sec. 102. Limits on fees and interest charges.
Sec. 103. Use of terms clarified.
Sec. 104. Application of card payments.
Sec. 105. Standards applicable to initial issuance of subprime or ``fee 
                            harvester'' cards.
Sec. 106. Rules regarding periodic statements.
Sec. 107. Enhanced penalties.
Sec. 108. Clerical amendments.
Sec. 109. Consideration of Ability to repay.

                TITLE II--ENHANCED CONSUMER DISCLOSURES

Sec. 201. Payoff timing disclosures.
Sec. 202. Requirements relating to late payment deadlines and 
                            penalties.
Sec. 203. Renewal disclosures.
Sec. 204. Internet posting of credit card agreements.
Sec. 205. Prevention of deceptive marketing of credit reports.

                TITLE III--PROTECTION OF YOUNG CONSUMERS

Sec. 301. Extensions of credit to underage consumers.
Sec. 302. Protection of young consumers from prescreened credit offers.
Sec. 303. Issuance of credit cards to certain college students.
Sec. 304. Privacy Protections for college students.
Sec. 305. College Credit Card Agreements.

                          TITLE IV--GIFT CARDS

Sec. 401. General-use prepaid cards, gift certificates, and store gift 
                            cards.
Sec. 402. Relation to State laws.
Sec. 403. Effective date.

                   TITLE V--MISCELLANEOUS PROVISIONS

Sec. 501. Study and report on interchange fees.
Sec. 502. Board review of consumer credit plans and regulations.
Sec. 503. Stored value.
Sec. 504 Procedure for timely settlement of estates of decedent 
                            obligors.
Sec. 505. Report to Congress on reductions of consumer credit card 
                            limits based on certain information as to 
                            experience or transactions of the consumer.
Sec. 506. Board review of small business credit plans and 
                            recommendations.
Sec. 507. Small business information security task force.
Sec. 508. Study and report on emergency pin technology.
Sec. 509. Study and report on the marketing of products with credit 
                            offers.
Sec. 510. Financial and economic literacy.
Sec. 511. Federal trade commission rulemaking on mortgage lending.
Sec. 512. Protecting Americans from violent crime.
Sec. 513. GAO study and report on fluency in the English language and 
                            financial literacy.

SEC. 2. REGULATORY AUTHORITY.

    The Board of Governors of the Federal Reserve System (in this Act 
referred to as the ``Board'') may issue such rules and publish such 
model forms as it considers necessary to carry out this Act and the 
amendments made by this Act.

SEC. 3. EFFECTIVE DATE.

    This Act and the amendments made by this Act shall become effective 
9 months after the date of enactment of this Act, except as otherwise 
specifically provided in this Act.

                      TITLE I--CONSUMER PROTECTION

SEC. 101. PROTECTION OF CREDIT CARDHOLDERS.

    (a) Advance Notice of Rate Increase and Other Changes Required.--
            (1) Amendment to tila.--Section 127 of the Truth in Lending 
        Act (15 U.S.C. 1637) is amended by adding at the end the 
        following:
    ``(i) Advance Notice of Rate Increase and Other Changes Required.--
            ``(1) Advance notice of increase in interest rate 
        required.--In the case of any credit card account under an open 
        end consumer credit plan, a creditor shall provide a written 
        notice of an increase in an annual percentage rate (except in 
        the case of an increase described in paragraph (1), (2), or (3) 
        of section 171(b)) not later than 45 days prior to the 
        effective date of the increase.
            ``(2) Advance notice of other significant changes 
        required.--In the case of any credit card account under an open 
        end consumer credit plan, a creditor shall provide a written 
        notice of any significant change, as determined by rule of the 
        Board, in the terms (including an increase in any fee or 
        finance charge, other than as provided in paragraph (1)) of the 
        cardholder agreement between the creditor and the obligor, not 
        later than 45 days prior to the effective date of the change.
            ``(3) Notice of right to cancel.--Each notice required by 
        paragraph (1) or (2) shall be made in a clear and conspicuous 
        manner, and shall contain a brief statement of the right of the 
        obligor to cancel the account pursuant to rules established by 
        the Board before the effective date of the subject rate 
        increase or other change.
            ``(4) Rule of construction.--Closure or cancellation of an 
        account by the obligor shall not constitute a default under an 
        existing cardholder agreement, and shall not trigger an 
        obligation to immediately repay the obligation in full or 
        through a method that is less beneficial to the obligor than 
        one of the methods described in section 171(c)(2), or the 
        imposition of any other penalty or fee.''.
            (2) Effective date.--Notwithstanding section 3, section 
        127(i) of the Truth in Lending Act, as added by this 
        subsection, shall become effective 90 days after the date of 
        enactment of this Act.
    (b) Retroactive Increase and Universal Default Prohibited.--Chapter 
4 of the Truth in Lending Act (15 U.S.C. 1666 et seq.) is amended--
            (1) by redesignating section 171 as section 173; and
            (2) by inserting after section 170 the following:

``SEC. 171. LIMITS ON INTEREST RATE, FEE, AND FINANCE CHARGE INCREASES 
              APPLICABLE TO OUTSTANDING BALANCES.

    ``(a) In General.--In the case of any credit card account under an 
open end consumer credit plan, no creditor may increase any annual 
percentage rate, fee, or finance charge applicable to any outstanding 
balance, except as permitted under subsection (b).
    ``(b) Exceptions.--The prohibition under subsection (a) shall not 
apply to--
            ``(1) an increase in an annual percentage rate upon the 
        expiration of a specified period of time, provided that--
                    ``(A) prior to commencement of that period, the 
                creditor disclosed to the consumer, in a clear and 
                conspicuous manner, the length of the period and the 
                annual percentage rate that would apply after 
                expiration of the period;
                    ``(B) the increased annual percentage rate does not 
                exceed the rate disclosed pursuant to subparagraph (A); 
                and
                    ``(C) the increased annual percentage rate is not 
                applied to transactions that occurred prior to 
                commencement of the period;
            ``(2) an increase in a variable annual percentage rate in 
        accordance with a credit card agreement that provides for 
        changes in the rate according to operation of an index that is 
        not under the control of the creditor and is available to the 
        general public;
            ``(3) an increase due to the completion of a workout or 
        temporary hardship arrangement by the obligor or the failure of 
        the obligor to comply with the terms of a workout or temporary 
        hardship arrangement, provided that--
                    ``(A) the annual percentage rate, fee, or finance 
                charge applicable to a category of transactions 
                following any such increase does not exceed the rate, 
                fee, or finance charge that applied to that category of 
                transactions prior to commencement of the arrangement; 
                and
                    ``(B) the creditor has provided the obligor, prior 
                to the commencement of such arrangement, with clear and 
                conspicuous disclosure of the terms of the arrangement 
                (including any increases due to such completion or 
                failure); or
            ``(4) an increase due solely to the fact that a minimum 
        payment by the obligor has not been received by the creditor 
        within 60 days after the due date for such payment, provided 
        that the creditor shall--
                    ``(A) include, together with the notice of such 
                increase required under section 127(i), a clear and 
                conspicuous written statement of the reason for the 
                increase and that the increase will terminate not later 
                than 6 months after the date on which it is imposed, if 
                the creditor receives the required minimum payments on 
                time from the obligor during that period; and
                    ``(B) terminate such increase not later than 6 
                months after the date on which it is imposed, if the 
                creditor receives the required minimum payments on time 
                during that period.
    ``(c) Repayment of Outstanding Balance.--
            ``(1) In general.--The creditor shall not change the terms 
        governing the repayment of any outstanding balance, except that 
        the creditor may provide the obligor with one of the methods 
        described in paragraph (2) of repaying any outstanding balance, 
        or a method that is no less beneficial to the obligor than one 
        of those methods.
            ``(2) Methods.--The methods described in this paragraph 
        are--
                    ``(A) an amortization period of not less than 5 
                years, beginning on the effective date of the increase 
                set forth in the notice required under section 127(i); 
                or
                    ``(B) a required minimum periodic payment that 
                includes a percentage of the outstanding balance that 
                is equal to not more than twice the percentage required 
                before the effective date of the increase set forth in 
                the notice required under section 127(i).
    ``(d) Outstanding Balance Defined.--For purposes of this section, 
the term `outstanding balance' means the amount owed on a credit card 
account under an open end consumer credit plan as of the end of the 
14th day after the date on which the creditor provides notice of an 
increase in the annual percentage rate, fee, or finance charge in 
accordance with section 127(i).''.
    (c) Interest Rate Reduction on Open End Consumer Credit Plans.--
Chapter 3 of the Truth in Lending Act (15 U.S.C. 1661 et seq.) is 
amended by adding at the end the following:

``SEC. 148. INTEREST RATE REDUCTION ON OPEN END CONSUMER CREDIT PLANS.

    ``(a) In General.--If a creditor increases the annual percentage 
rate applicable to a credit card account under an open end consumer 
credit plan, based on factors including the credit risk of the obligor, 
market conditions, or other factors, the creditor shall consider 
changes in such factors in subsequently determining whether to reduce 
the annual percentage rate for such obligor.
    ``(b) Requirements.--With respect to any credit card account under 
an open end consumer credit plan, the creditor shall--
            ``(1) maintain reasonable methodologies for assessing the 
        factors described in subsection (a);
            ``(2) not less frequently than once every 6 months, review 
        accounts as to which the annual percentage rate has been 
        increased since January 1, 2009, to assess whether such factors 
        have changed (including whether any risk has declined);
            ``(3) reduce the annual percentage rate previously 
        increased when a reduction is indicated by the review; and
            ``(4) in the event of an increase in the annual percentage 
        rate, provide in the written notice required under section 
        127(i) a statement of the reasons for the increase.
    ``(c) Rule of Construction.--This section shall not be construed to 
require a reduction in any specific amount.
    ``(d) Rulemaking.--The Board shall issue final rules not later than 
9 months after the date of enactment of this section to implement the 
requirements of and evaluate compliance with this section, and 
subsections (a), (b), and (c) shall become effective 15 months after 
that date of enactment.''.
    (d) Introductory and Promotional Rates.--Chapter 4 of the Truth in 
Lending Act (15 U.S.C. 1666 et seq.) is amended by inserting after 
section 171, as amended by this Act, the following:

``SEC. 172. ADDITIONAL LIMITS ON INTEREST RATE INCREASES.

    ``(a) Limitation on Increases Within First Year.--Except in the 
case of an increase described in paragraph (1), (2), (3), or (4) of 
section 171(b), no increase in any annual percentage rate, fee, or 
finance charge on any credit card account under an open end consumer 
credit plan shall be effective before the end of the 1-year period 
beginning on the date on which the account is opened.
    ``(b) Promotional Rate Minimum Term.--No increase in any annual 
percentage rate applicable to a credit card account under an open end 
consumer credit plan that is a promotional rate (as that term is 
defined by the Board) shall be effective before the end of the 6-month 
period beginning on the date on which the promotional rate takes 
effect, subject to such reasonable exceptions as the Board may 
establish, by rule.''.
    (e) Clerical Amendment.--The table of sections for chapter 4 of the 
Truth in Lending Act is amended by striking the item relating to 
section 171 and inserting the following:

``171. Limits on interest rate, fee, and finance charge increases 
                            applicable to outstanding balances.
``172. Additional limits on interest rate increases.
``173. Applicability of State laws.''.

SEC. 102. LIMITS ON FEES AND INTEREST CHARGES.

    (a) In General.--Section 127 of the Truth in Lending Act (15 U.S.C. 
1637) is amended by adding at the end the following:
    ``(j) Prohibition on Penalties for On-Time Payments.--
            ``(1) Prohibition on double-cycle billing and penalties for 
        on-time payments.--Except as provided in paragraph (2), a 
        creditor may not impose any finance charge on a credit card 
        account under an open end consumer credit plan as a result of 
        the loss of any time period provided by the creditor within 
        which the obligor may repay any portion of the credit extended 
        without incurring a finance charge, with respect to--
                    ``(A) any balances for days in billing cycles that 
                precede the most recent billing cycle; or
                    ``(B) any balances or portions thereof in the 
                current billing cycle that were repaid within such time 
                period.
            ``(2) Exceptions.--Paragraph (1) does not apply to--
                    ``(A) any adjustment to a finance charge as a 
                result of the resolution of a dispute; or
                    ``(B) any adjustment to a finance charge as a 
                result of the return of a payment for insufficient 
                funds.
    ``(k) Opt-in Required for Over-the-Limit Transactions if Fees Are 
Imposed.--
            ``(1) In general.--In the case of any credit card account 
        under an open end consumer credit plan under which an over-the-
        limit fee may be imposed by the creditor for any extension of 
        credit in excess of the amount of credit authorized to be 
        extended under such account, no such fee shall be charged, 
        unless the consumer has expressly elected to permit the 
        creditor, with respect to such account, to complete 
        transactions involving the extension of credit under such 
        account in excess of the amount of credit authorized.
            ``(2) Disclosure by creditor.--No election by a consumer 
        under paragraph (1) shall take effect unless the consumer, 
        before making such election, received a notice from the 
        creditor of any over-the-limit fee in the form and manner, and 
        at the time, determined by the Board. If the consumer makes the 
        election referred to in paragraph (1), the creditor shall 
        provide notice to the consumer of the right to revoke the 
        election, in the form prescribed by the Board, in any periodic 
        statement that includes notice of the imposition of an over-
        the-limit fee during the period covered by the statement.
            ``(3) Form of election.--A consumer may make or revoke the 
        election referred to in paragraph (1) orally, electronically, 
        or in writing, pursuant to regulations prescribed by the Board. 
        The Board shall prescribe regulations to ensure that the same 
        options are available for both making and revoking such 
        election.
            ``(4) Time of election.--A consumer may make the election 
        referred to in paragraph (1) at any time, and such election 
        shall be effective until the election is revoked in the manner 
        prescribed under paragraph (3).
            ``(5) Regulations.--The Board shall prescribe regulations--
                    ``(A) governing disclosures under this subsection; 
                and
                    ``(B) that prevent unfair or deceptive acts or 
                practices in connection with the manipulation of credit 
                limits designed to increase over-the-limit fees or 
                other penalty fees.
            ``(6) Rule of construction.--Nothing in this subsection 
        shall be construed to prohibit a creditor from completing an 
        over-the-limit transaction, provided that a consumer who has 
        not made a valid election under paragraph (1) is not charged an 
        over-the-limit fee for such transaction.
            ``(7) Restriction on fees charged for an over-the-limit 
        transaction.--With respect to a credit card account under an 
        open end consumer credit plan, an over-the-limit fee may be 
        imposed only once during a billing cycle if the credit limit on 
        the account is exceeded, and an over-the-limit fee, with 
        respect to such excess credit, may be imposed only once in each 
        of the 2 subsequent billing cycles, unless the consumer has 
        obtained an additional extension of credit in excess of such 
        credit limit during any such subsequent cycle or the consumer 
        reduces the outstanding balance below the credit limit as of 
        the end of such billing cycle.
    ``(l) Limit on Fees Related to Method of Payment.--With respect to 
a credit card account under an open end consumer credit plan, the 
creditor may not impose a separate fee to allow the obligor to repay an 
extension of credit or finance charge, whether such repayment is made 
by mail, electronic transfer, telephone authorization, or other means, 
unless such payment involves an expedited service by a service 
representative of the creditor.''.
    (b) Reasonable Penalty Fees.--
            (1) In general.--Chapter 3 of the Truth in Lending Act (15 
        U.S.C. 1661 et seq.), as amended by this Act, is amended by 
        adding at the end the following:

``SEC. 149. REASONABLE PENALTY FEES ON OPEN END CONSUMER CREDIT PLANS.

    ``(a) In General.--The amount of any penalty fee or charge that a 
card issuer may impose with respect to a credit card account under an 
open end consumer credit plan in connection with any omission with 
respect to, or violation of, the cardholder agreement, including any 
late payment fee, over-the-limit fee, or any other penalty fee or 
charge, shall be reasonable and proportional to such omission or 
violation.
    ``(b) Rulemaking Required.--The Board, in consultation with the 
Comptroller of the Currency, the Board of Directors of the Federal 
Deposit Insurance Corporation, the Director of the Office of Thrift 
Supervision, and the National Credit Union Administration Board, shall 
issue final rules not later than 9 months after the date of enactment 
of this section, to establish standards for assessing whether the 
amount of any penalty fee or charge described under subsection (a) is 
reasonable and proportional to the omission or violation to which the 
fee or charge relates. Subsection (a) shall become effective 15 months 
after the date of enactment of this section.
    ``(c) Considerations.--In issuing rules required by this section, 
the Board shall consider--
            ``(1) the cost incurred by the creditor from such omission 
        or violation;
            ``(2) the deterrence of such omission or violation by the 
        cardholder;
            ``(3) the conduct of the cardholder; and
            ``(4) such other factors as the Board may deem necessary or 
        appropriate.
    ``(d) Differentiation Permitted.--In issuing rules required by this 
subsection, the Board may establish different standards for different 
types of fees and charges, as appropriate.
    ``(e) Safe Harbor Rule Authorized.--The Board, in consultation with 
the Comptroller of the Currency, the Board of Directors of the Federal 
Deposit Insurance Corporation, the Director of the Office of Thrift 
Supervision, and the National Credit Union Administration Board, may 
issue rules to provide an amount for any penalty fee or charge 
described under subsection (a) that is presumed to be reasonable and 
proportional to the omission or violation to which the fee or charge 
relates.''.
            (2) Clerical amendments.--Chapter 3 of the Truth in Lending 
        Act (15 U.S.C. 1661 et seq.) is amended--
                    (A) in the chapter heading, by inserting ``AND 
                LIMITS ON CREDIT CARD FEES'' after ``ADVERTISING''; and
                    (B) in the table of sections for the chapter, by 
                adding at the end the following:

``148. Interest rate reduction on open end consumer credit plans.
``149. Reasonable penalty fees on open end consumer credit plans.''.

SEC. 103. USE OF TERMS CLARIFIED.

    Section 127 of the Truth in Lending Act (15 U.S.C. 1637) is amended 
by adding at the end the following:
    ``(m) Use of Term `Fixed Rate'.--With respect to the terms of any 
credit card account under an open end consumer credit plan, the term 
`fixed', when appearing in conjunction with a reference to the annual 
percentage rate or interest rate applicable with respect to such 
account, may only be used to refer to an annual percentage rate or 
interest rate that will not change or vary for any reason over the 
period specified clearly and conspicuously in the terms of the 
account.''.

SEC. 104. APPLICATION OF CARD PAYMENTS.

    Section 164 of the Truth in Lending Act (15 U.S.C. 1666c) is 
amended--
            (1) by striking the section heading and all that follows 
        through ``Payments'' and inserting the following:
``Sec. 164. Prompt and fair crediting of payments
    ``(a) In General.--Payments'';
            (2) by inserting ``, by 5:00 p.m. on the date on which such 
        payment is due,'' after ``in readily identifiable form'';
            (3) by striking ``manner, location, and time'' and 
        inserting ``manner, and location''; and
            (4) by adding at the end the following:
    ``(b) Application of Payments.--
            ``(1) In general.--Upon receipt of a payment from a 
        cardholder, the card issuer shall apply amounts in excess of 
        the minimum payment amount first to the card balance bearing 
        the highest rate of interest, and then to each successive 
        balance bearing the next highest rate of interest, until the 
        payment is exhausted.
            ``(2) Clarification relating to certain deferred interest 
        arrangements.--A creditor shall allocate the entire amount paid 
        by the consumer in excess of the minimum payment amount to a 
        balance on which interest is deferred during the last 2 billing 
        cycles immediately preceding the expiration of the period 
        during which interest is deferred.
    ``(c) Changes by Card Issuer.--If a card issuer makes a material 
change in the mailing address, office, or procedures for handling 
cardholder payments, and such change causes a material delay in the 
crediting of a cardholder payment made during the 60-day period 
following the date on which such change took effect, the card issuer 
may not impose any late fee or finance charge for a late payment on the 
credit card account to which such payment was credited.''.

SEC. 105. STANDARDS APPLICABLE TO INITIAL ISSUANCE OF SUBPRIME OR ``FEE 
              HARVESTER'' CARDS.

    Section 127 of the Truth in Lending Act (15 U.S.C. 1637), as 
amended by this Act, is amended by adding at the end the following new 
subsection:
    ``(n) Standards Applicable to Initial Issuance of Subprime or `Fee 
Harvester' Cards.--
            ``(1) In general.--If the terms of a credit card account 
        under an open end consumer credit plan require the payment of 
        any fees (other than any late fee, over-the-limit fee, or fee 
        for a payment returned for insufficient funds) by the consumer 
        in the first year during which the account is opened in an 
        aggregate amount in excess of 25 percent of the total amount of 
        credit authorized under the account when the account is opened, 
        no payment of any fees (other than any late fee, over-the-limit 
        fee, or fee for a payment returned for insufficient funds) may 
        be made from the credit made available under the terms of the 
        account.
            ``(2) Rule of construction.--No provision of this 
        subsection may be construed as authorizing any imposition or 
        payment of advance fees otherwise prohibited by any provision 
        of law.''.

SEC. 106. RULES REGARDING PERIODIC STATEMENTS.

    (a) In General.--Section 127 of the Truth in Lending Act (15 U.S.C. 
1637) is amended by adding at the end the following:
    ``(o) Due Dates for Credit Card Accounts.--
            ``(1) In general.--The payment due date for a credit card 
        account under an open end consumer credit plan shall be the 
        same day each month.
            ``(2) Weekend or holiday due dates.--If the payment due 
        date for a credit card account under an open end consumer 
        credit plan is a day on which the creditor does not receive or 
        accept payments by mail (including weekends and holidays), the 
        creditor may not treat a payment received on the next business 
        day as late for any purpose.''.
    (b) Length of Billing Period.--
            (1) In general.--Section 163 of the Truth in Lending Act 
        (15 U.S.C. 1666b) is amended to read as follows:

``SEC. 163. TIMING OF PAYMENTS.

    ``(a) Time To Make Payments.--A creditor may not treat a payment on 
an open end consumer credit plan as late for any purpose, unless the 
creditor has adopted reasonable procedures designed to ensure that each 
periodic statement including the information required by section 127(b) 
is mailed or delivered to the consumer not later than 21 days before 
the payment due date.
    ``(b) Grace Period.--If an open end consumer credit plan provides a 
time period within which an obligor may repay any portion of the credit 
extended without incurring an additional finance charge, such 
additional finance charge may not be imposed with respect to such 
portion of the credit extended for the billing cycle of which such 
period is a part, unless a statement which includes the amount upon 
which the finance charge for the period is based was mailed or 
delivered to the consumer not later than 21 days before the date 
specified in the statement by which payment must be made in order to 
avoid imposition of that finance charge.''.
            (2) Effective date.--Notwithstanding section 3, section 163 
        of the Truth in Lending Act, as amended by this subsection, 
        shall become effective 90 days after the date of enactment of 
        this Act.
    (c) Clerical Amendments.--The table of sections for chapter 4 of 
the Truth in Lending Act is amended--
            (1) by striking the item relating to section 163 and 
        inserting the following:

``163. Timing of payments.''; and
            (2) by striking the item relating to section 171 and 
        inserting the following:

``171. Universal defaults prohibited.
``172. Unilateral changes in credit card agreement prohibited.
``173. Applicability of State laws.''.

SEC. 107. ENHANCED PENALTIES.

    Section 130(a)(2)(A) of the Truth in Lending Act (15 U.S.C. 
1640(a)(2)(A)) is amended by striking ``or (iii) in the'' and inserting 
the following: ``(iii) in the case of an individual action relating to 
an open end consumer credit plan that is not secured by real property 
or a dwelling, twice the amount of any finance charge in connection 
with the transaction, with a minimum of $500 and a maximum of $5,000, 
or such higher amount as may be appropriate in the case of an 
established pattern or practice of such failures; or (iv) in the''.

SEC. 108. CLERICAL AMENDMENTS.

    Section 103(i) of the Truth in Lending Act (15 U.S.C. 1602(i)) is 
amended--
            (1) by striking ``term'' and all that follows through 
        ``means'' and inserting the following: ``terms `open end credit 
        plan' and `open end consumer credit plan' mean''; and
            (2) in the second sentence, by inserting ``or open end 
        consumer credit plan'' after ``credit plan'' each place that 
        term appears.

SEC. 109. CONSIDERATION OF ABILITY TO REPAY.

    (a) In General.--Chapter 3 of the Truth in Lending Act (15 U.S.C. 
1666 et seq.), as amended by this title, is amended by adding at the 
end the following:

``SEC. 150. CONSIDERATION OF ABILITY TO REPAY.

    ``A card issuer may not open any credit card account for any 
consumer under an open end consumer credit plan, or increase any credit 
limit applicable to such account, unless the card issuer considers the 
ability of the consumer to make the required payments under the terms 
of such account.''.
    (b) Clerical Amendment.--Chapter 3 of the Truth in Lending Act (15 
U.S.C. 1661 et seq.) is amended in the table of sections for the 
chapter, by adding at the end the following:

``150. Consideration of ability to repay.''.

                TITLE II--ENHANCED CONSUMER DISCLOSURES

SEC. 201. PAYOFF TIMING DISCLOSURES.

    (a) In General.--Section 127(b)(11) of the Truth in Lending Act (15 
U.S.C. 1637(b)(11)) is amended to read as follows:
            ``(11)(A) A written statement in the following form: 
        `Minimum Payment Warning: Making only the minimum payment will 
        increase the amount of interest you pay and the time it takes 
        to repay your balance.', or such similar statement as is 
        established by the Board pursuant to consumer testing.
            ``(B) Repayment information that would apply to the 
        outstanding balance of the consumer under the credit plan, 
        including--
                    ``(i) the number of months (rounded to the nearest 
                month) that it would take to pay the entire amount of 
                that balance, if the consumer pays only the required 
                minimum monthly payments and if no further advances are 
                made;
                    ``(ii) the total cost to the consumer, including 
                interest and principal payments, of paying that balance 
                in full, if the consumer pays only the required minimum 
                monthly payments and if no further advances are made;
                    ``(iii) the monthly payment amount that would be 
                required for the consumer to eliminate the outstanding 
                balance in 36 months, if no further advances are made, 
                and the total cost to the consumer, including interest 
                and principal payments, of paying that balance in full 
                if the consumer pays the balance over 36 months; and
                    ``(iv) a toll-free telephone number at which the 
                consumer may receive information about accessing credit 
                counseling and debt management services.
            ``(C)(i) Subject to clause (ii), in making the disclosures 
        under subparagraph (B), the creditor shall apply the interest 
        rate or rates in effect on the date on which the disclosure is 
        made until the date on which the balance would be paid in full.
            ``(ii) If the interest rate in effect on the date on which 
        the disclosure is made is a temporary rate that will change 
        under a contractual provision applying an index or formula for 
        subsequent interest rate adjustment, the creditor shall apply 
        the interest rate in effect on the date on which the disclosure 
        is made for as long as that interest rate will apply under that 
        contractual provision, and then apply an interest rate based on 
        the index or formula in effect on the applicable billing date.
            ``(D) All of the information described in subparagraph (B) 
        shall--
                    ``(i) be disclosed in the form and manner which the 
                Board shall prescribe, by regulation, and in a manner 
                that avoids duplication; and
                    ``(ii) be placed in a conspicuous and prominent 
                location on the billing statement.
            ``(E) In the regulations prescribed under subparagraph (D), 
        the Board shall require that the disclosure of such information 
        shall be in the form of a table that--
                    ``(i) contains clear and concise headings for each 
                item of such information; and
                    ``(ii) provides a clear and concise form stating 
                each item of information required to be disclosed under 
                each such heading.
            ``(F) In prescribing the form of the table under 
        subparagraph (E), the Board shall require that--
                    ``(i) all of the information in the table, and not 
                just a reference to the table, be placed on the billing 
                statement, as required by this paragraph; and
                    ``(ii) the items required to be included in the 
                table shall be listed in the order in which such items 
                are set forth in subparagraph (B).
            ``(G) In prescribing the form of the table under 
        subparagraph (D), the Board shall employ terminology which is 
        different than the terminology which is employed in 
        subparagraph (B), if such terminology is more easily understood 
        and conveys substantially the same meaning.''.
    (b) Civil Liability.--Section 130(a) of the Truth in Lending Act 
(15 U.S.C. 1640(a)) is amended, in the undesignated paragraph following 
paragraph (4), by striking the second sentence and inserting the 
following: ``In connection with the disclosures referred to in 
subsections (a) and (b) of section 127, a creditor shall have a 
liability determined under paragraph (2) only for failing to comply 
with the requirements of section 125, 127(a), or any of paragraphs (4) 
through (13) of section 127(b), or for failing to comply with 
disclosure requirements under State law for any term or item that the 
Board has determined to be substantially the same in meaning under 
section 111(a)(2) as any of the terms or items referred to in section 
127(a), or any of paragraphs (4) through (13) of section 127(b).''.
    (c) Guidelines Required.--
            (1) In general.--Not later than 6 months after the date of 
        enactment of this Act, the Board shall issue guidelines, by 
        rule, in consultation with the Secretary of the Treasury, for 
        the establishment and maintenance by creditors of a toll-free 
        telephone number for purposes of providing information about 
        accessing credit counseling and debt management services, as 
        required under section 127(b)(11)(B)(iv) of the Truth in 
        Lending Act, as added by this section.
            (2) Approved agencies.--Guidelines issued under this 
        subsection shall ensure that referrals provided by the toll-
        free number referred to in paragraph (1) include only those 
        nonprofit budget and credit counseling agencies approved by a 
        United States bankruptcy trustee pursuant to section 111(a) of 
        title 11, United States Code.

SEC. 202. REQUIREMENTS RELATING TO LATE PAYMENT DEADLINES AND 
              PENALTIES.

    Section 127(b)(12) of the Truth in Lending Act (15 U.S.C. 
1637(b)(12)) is amended to read as follows:
            ``(12) Requirements relating to late payment deadlines and 
        penalties.--
                    ``(A) Late payment deadline required to be 
                disclosed.--In the case of a credit card account under 
                an open end consumer credit plan under which a late fee 
                or charge may be imposed due to the failure of the 
                obligor to make payment on or before the due date for 
                such payment, the periodic statement required under 
                subsection (b) with respect to the account shall 
                include, in a conspicuous location on the billing 
                statement, the date on which the payment is due or, if 
                different, the date on which a late payment fee will be 
                charged, together with the amount of the fee or charge 
                to be imposed if payment is made after that date.
                    ``(B) Disclosure of increase in interest rates for 
                late payments.--If 1 or more late payments under an 
                open end consumer credit plan may result in an increase 
                in the annual percentage rate applicable to the 
                account, the statement required under subsection (b) 
                with respect to the account shall include conspicuous 
                notice of such fact, together with the applicable 
                penalty annual percentage rate, in close proximity to 
                the disclosure required under subparagraph (A) of the 
                date on which payment is due under the terms of the 
                account.
                    ``(C) Payments at local branches.--If the creditor, 
                in the case of a credit card account referred to in 
                subparagraph (A), is a financial institution which 
                maintains branches or offices at which payments on any 
                such account are accepted from the obligor in person, 
                the date on which the obligor makes a payment on the 
                account at such branch or office shall be considered to 
                be the date on which the payment is made for purposes 
                of determining whether a late fee or charge may be 
                imposed due to the failure of the obligor to make 
                payment on or before the due date for such payment.''.

SEC. 203. RENEWAL DISCLOSURES.

    Section 127(d) of the Truth in Lending Act (15 U.S.C. 1637(d)) is 
amended--
            (1) by striking paragraph (2);
            (2) by redesignating paragraph (3) as paragraph (2); and
            (3) in paragraph (1), by striking ``Except as provided in 
        paragraph (2), a card issuer'' and inserting the following: ``A 
        card issuer that has changed or amended any term of the account 
        since the last renewal that has not been previously disclosed 
        or''.

SEC. 204. INTERNET POSTING OF CREDIT CARD AGREEMENTS.

    (a) In General.--Section 122 of the Truth and Lending Act (15 
U.S.C. 1632) is amended by adding at the end the following new 
subsection:
    ``(d) Additional Electronic Disclosures.--
            ``(1) Posting agreements.--Each creditor shall establish 
        and maintain an Internet site on which the creditor shall post 
        the written agreement between the creditor and the consumer for 
        each credit card account under an open-end consumer credit 
        plan.
            ``(2) Creditor to provide contracts to the board.--Each 
        creditor shall provide to the Board, in electronic format, the 
        consumer credit card agreements that it publishes on its 
        Internet site.
            ``(3) Record repository.--The Board shall establish and 
        maintain on its publicly available Internet site a central 
        repository of the consumer credit card agreements received from 
        creditors pursuant to this subsection, and such agreements 
        shall be easily accessible and retrievable by the public.
            ``(4) Exception.--This subsection shall not apply to 
        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.
            ``(5) Regulations.--The Board, in consultation with the 
        other Federal banking agencies (as that term is defined in 
        section 603) and the Federal Trade Commission, may promulgate 
        regulations to implement this subsection, including specifying 
        the format for posting the agreements on the Internet sites of 
        creditors and establishing exceptions to paragraphs (1) and 
        (2), in any case in which the administrative burden outweighs 
        the benefit of increased transparency, such as where a credit 
        card plan has a de minimis number of consumer account 
        holders.''.

SEC. 205. PREVENTION OF DECEPTIVE MARKETING OF CREDIT REPORTS.

    (a) Preventing Deceptive Marketing.--Section 612 of the Fair Credit 
Reporting Act (15 U.S.C. 1681j) is amended by adding at the end the 
following:
    ``(g) Prevention of Deceptive Marketing of Credit Reports.--
            ``(1) In general.--Subject to rulemaking pursuant to 
        section 205(b) of the Credit CARD Act of 2009, any 
        advertisement for a free credit report in any medium shall 
        prominently disclose in such advertisement that free credit 
        reports are available under Federal law at: 
        `AnnualCreditReport.com' (or such other source as may be 
        authorized under Federal law).
            ``(2) Television and radio advertisement.--In the case of 
        an advertisement broadcast by television, the disclosures 
        required under paragraph (1) shall be included in the audio and 
        visual part of such advertisement. In the case of an 
        advertisement broadcast by televison or radio, the disclosure 
        required under paragraph (1) shall consist only of the 
        following: `This is not the free credit report provided for by 
        Federal law'.''.
    (b) Rulemaking.--
            (1) In general.--Not later than 9 months after the date of 
        enactment of this Act, the Federal Trade Commission shall issue 
        a final rule to carry out this section.
            (2) Content.--The rule required by this subsection--
                    (A) shall include specific wording to be used in 
                advertisements in accordance with this section; and
                    (B) for advertisements on the Internet, shall 
                include whether the disclosure required under section 
                612(g)(1) of the Fair Credit Reporting Act (as added by 
                this section) shall appear on the advertisement or the 
                website on which the free credit report is made 
                available.
            (3) Interim disclosures.--If an advertisement subject to 
        section 612(g) of the Fair Credit Reporting Act, as added by 
        this section, is made public after the 9-month deadline 
        specified in paragraph (1), but before the rule required by 
        paragraph (1) is finalized, such advertisement shall include 
        the disclosure: ``Free credit reports are available under 
        Federal law at: `AnnualCreditReport.com'.''.

                TITLE III--PROTECTION OF YOUNG CONSUMERS

SEC. 301. EXTENSIONS OF CREDIT TO UNDERAGE CONSUMERS.

    Section 127(c) of the Truth in Lending Act (15 U.S.C. 1637(c)) is 
amended by adding at the end the following:
            ``(8) Applications from underage consumers.--
                    ``(A) Prohibition on issuance.--No credit card may 
                be issued to, or open end consumer credit plan 
                established by or on behalf of, a consumer who has not 
                attained the age of 21, unless the consumer has 
                submitted a written application to the card issuer that 
                meets the requirements of subparagraph (B).
                    ``(B) Application requirements.--An application to 
                open a credit card account by a consumer who has not 
                attained the age of 21 as of the date of submission of 
                the application shall require--
                            ``(i) the signature of a cosigner, 
                        including the parent, legal guardian, spouse, 
                        or any other individual who has attained the 
                        age of 21 having a means to repay debts 
                        incurred by the consumer in connection with the 
                        account, indicating joint liability for debts 
                        incurred by the consumer in connection with the 
                        account before the consumer has attained the 
                        age of 21; or
                            ``(ii) submission by the consumer of 
                        financial information, including through an 
                        application, indicating an independent means of 
                        repaying any obligation arising from the 
                        proposed extension of credit in connection with 
                        the account.
                    ``(C) Safe harbor.--The Board shall promulgate 
                regulations providing standards that, if met, would 
                satisfy the requirements of subparagraph (B)(ii).''.

SEC. 302. PROTECTION OF YOUNG CONSUMERS FROM PRESCREENED CREDIT OFFERS.

    Section 604(c)(1)(B) of the Fair Credit Reporting Act (15 U.S.C. 
1681b(c)(1)(B)) is amended--
            (1) in clause (ii), by striking ``and'' at the end; and
            (2) in clause (iii), by striking the period at the end and 
        inserting the following: ``; and
                    ``(iv) the consumer report does not contain a date 
                of birth that shows that the consumer has not attained 
                the age of 21, or, if the date of birth on the consumer 
                report shows that the consumer has not attained the age 
                of 21, such consumer consents to the consumer reporting 
                agency to such furnishing.''.

SEC. 303. ISSUANCE OF CREDIT CARDS TO CERTAIN COLLEGE STUDENTS.

    Section 127 of the Truth in Lending Act (15 U.S.C. 1637) is amended 
by adding at the end the following new subsection:
    ``(p) Parental Approval Required To Increase Credit Lines for 
Accounts for Which Parent Is Jointly Liable.--No increase may be made 
in the amount of credit authorized to be extended under a credit card 
account for which a parent, legal guardian, or spouse of the consumer, 
or any other individual has assumed joint liability for debts incurred 
by the consumer in connection with the account before the consumer 
attains the age of 21, unless that parent, guardian, or spouse approves 
in writing, and assumes joint liability for, such increase.''.

SEC. 304. PRIVACY PROTECTIONS FOR COLLEGE STUDENTS.

    Section 140 of the Truth in Lending Act (15 U.S.C. 1650) is amended 
by adding at the end the following:
    ``(f) Credit Card Protections for College Students.--
            ``(1) Disclosure required.--An institution of higher 
        education shall publicly disclose any contract or other 
        agreement made with a card issuer or creditor for the purpose 
        of marketing a credit card.
            ``(2) Inducements prohibited.--No card issuer or creditor 
        may offer to a student at an institution of higher education 
        any tangible item to induce such student to apply for or 
        participate in an open end consumer credit plan offered by such 
        card issuer or creditor, if such offer is made--
                    ``(A) on the campus of an institution of higher 
                education;
                    ``(B) near the campus of an institution of higher 
                education, as determined by rule of the Board; or
                    ``(C) at an event sponsored by or related to an 
                institution of higher education.
            ``(3) Sense of the congress.--It is the sense of the 
        Congress that each institution of higher education should 
        consider adopting the following policies relating to credit 
        cards:
                    ``(A) That any card issuer that markets a credit 
                card on the campus of such institution notify the 
                institution of the location at which such marketing 
                will take place.
                    ``(B) That the number of locations on the campus of 
                such institution at which the marketing of credit cards 
                takes place be limited.
                    ``(C) That credit card and debt education and 
                counseling sessions be offered as a regular part of any 
                orientation program for new students of such 
                institution.''.

SEC. 305. COLLEGE CREDIT CARD AGREEMENTS.

    (a) In General.--Section 127 of the Truth in Lending Act (15 U.S.C. 
1637), as otherwise amended by this Act, is amended by adding at the 
end the following:
    ``(r) College Card Agreements.--
            ``(1) Definitions.--For purposes of this subsection, the 
        following definitions shall apply:
                    ``(A) College affinity card.--The term `college 
                affinity card' means a credit card issued by a credit 
                card issuer under an open end consumer credit plan in 
                conjunction with an agreement between the issuer and an 
                institution of higher education, or an alumni 
                organization or foundation affiliated with or related 
                to such institution, under which such cards are issued 
                to college students who have an affinity with such 
                institution, organization and--
                            ``(i) the creditor has agreed to donate a 
                        portion of the proceeds of the credit card to 
                        the institution, organization, or foundation 
                        (including a lump sum or 1-time payment of 
                        money for access);
                            ``(ii) the creditor has agreed to offer 
                        discounted terms to the consumer; or
                            ``(iii) the credit card bears the name, 
                        emblem, mascot, or logo of such institution, 
                        organization, or foundation, or other words, 
                        pictures, or symbols readily identified with 
                        such institution, organization, or foundation.
                    ``(B) College student credit card account.--The 
                term `college student credit card account' means a 
                credit card account under an open end consumer credit 
                plan established or maintained for or on behalf of any 
                college student.
                    ``(C) College student.--The term `college student' 
                means an individual who is a full-time or a part-time 
                student attending an institution of higher education.
                    ``(D) Institution of higher education.--The term 
                `institution of higher education' has the same meaning 
                as in section 101 and 102 of the Higher Education Act 
                of 1965 (20 U.S.C. 1001 and 1002).
            ``(2) Reports by creditors.--
                    ``(A) In general.--Each creditor shall submit an 
                annual report to the Board containing the terms and 
                conditions of all business, marketing, and promotional 
                agreements and college affinity card agreements with an 
                institution of higher education, or an alumni 
                organization or foundation affiliated with or related 
                to such institution, with respect to any college 
                student credit card issued to a college student at such 
                institution.
                    ``(B) Details of report.--The information required 
                to be reported under subparagraph (A) includes--
                            ``(i) any memorandum of understanding 
                        between or among a creditor, an institution of 
                        higher education, an alumni association, or 
                        foundation that directly or indirectly relates 
                        to any aspect of any agreement referred to in 
                        such subparagraph or controls or directs any 
                        obligations or distribution of benefits between 
                        or among any such entities;
                            ``(ii) the amount of any payments from the 
                        creditor to the institution, organization, or 
                        foundation during the period covered by the 
                        report, and the precise terms of any agreement 
                        under which such amounts are determined; and
                            ``(iii) the number of credit card accounts 
                        covered by any such agreement that were opened 
                        during the period covered by the report, and 
                        the total number of credit card accounts 
                        covered by the agreement that were outstanding 
                        at the end of such period.
                    ``(C) Aggregation by institution.--The information 
                required to be reported under subparagraph (A) shall be 
                aggregated with respect to each institution of higher 
                education or alumni organization or foundation 
                affiliated with or related to such institution.
                    ``(D) Initial report.--The initial report required 
                under subparagraph (A) shall be submitted to the Board 
                before the end of the 9-month period beginning on the 
                date of enactment of this subsection.
            ``(3) Reports by board.--The Board shall submit to the 
        Congress, and make available to the public, an annual report 
        that lists the information concerning credit card agreements 
        submitted to the Board under paragraph (2) by each institution 
        of higher education, alumni organization, or foundation.''.
    (b) Study and Report by the Comptroller General.--
            (1) Study.--The Comptroller General of the United States 
        shall, from time to time, review the reports submitted by 
        creditors under section 127(r) of the Truth in Lending Act, as 
        added by this section, and the marketing practices of creditors 
        to determine the impact that college affinity card agreements 
        and college student card agreements have on credit card debt.
            (2) Report.--Upon completion of any study under paragraph 
        (1), the Comptroller General shall periodically submit a report 
        to the Congress on the findings and conclusions of the study, 
        together with such recommendations for administrative or 
        legislative action as the Comptroller General determines to be 
        appropriate.

                          TITLE IV--GIFT CARDS

SEC. 401. GENERAL-USE PREPAID CARDS, GIFT CERTIFICATES, AND STORE GIFT 
              CARDS.

    The Electronic Fund Transfer Act (15 U.S.C. 1693 et seq.) is 
amended--
            (1) by redesignating sections 915 through 921 as sections 
        916 through 922, respectively; and
            (2) by inserting after section 914 the following:

``SEC. 915. GENERAL-USE PREPAID CARDS, GIFT CERTIFICATES, AND STORE 
              GIFT CARDS.

    ``(a) Definitions.--In this section, the following definitions 
shall apply:
            ``(1) Dormancy fee; inactivity charge or fee.--The terms 
        `dormancy fee' and `inactivity charge or fee' mean a fee, 
        charge, or penalty for non-use or inactivity of a gift 
        certificate, store gift card, or general-use prepaid card.
            ``(2) General use prepaid card, gift certificate, and store 
        gift card.--
                    ``(A) General-use prepaid card.--The term `general-
                use prepaid card' means a card or other payment code or 
                device issued by any person that is--
                            ``(i) redeemable at multiple, unaffiliated 
                        merchants or service providers, or automated 
                        teller machines;
                            ``(ii) issued in a requested amount, 
                        whether or not that amount may, at the option 
                        of the issuer, be increased in value or 
                        reloaded if requested by the holder;
                            ``(iii) purchased or loaded on a prepaid 
                        basis; and
                            ``(iv) honored, upon presentation, by 
                        merchants for goods or services, or at 
                        automated teller machines.
                    ``(B) Gift certificate.--The term `gift 
                certificate' means an electronic promise that is--
                            ``(i) redeemable at a single merchant or an 
                        affiliated group of merchants that share the 
                        same name, mark, or logo;
                            ``(ii) issued in a specified amount that 
                        may not be increased or reloaded;
                            ``(iii) purchased on a prepaid basis in 
                        exchange for payment; and
                            ``(iv) honored upon presentation by such 
                        single merchant or affiliated group of 
                        merchants for goods or services.
                    ``(C) Store gift card.--The term `store gift card' 
                means an electronic promise, plastic card, or other 
                payment code or device that is--
                            ``(i) redeemable at a single merchant or an 
                        affiliated group of merchants that share the 
                        same name, mark, or logo;
                            ``(ii) issued in a specified amount, 
                        whether or not that amount may be increased in 
                        value or reloaded at the request of the holder;
                            ``(iii) purchased on a prepaid basis in 
                        exchange for payment; and
                            ``(iv) honored upon presentation by such 
                        single merchant or affiliated group of 
                        merchants for goods or services.
                    ``(D) Exclusions.--The terms `general-use prepaid 
                card', `gift certificate', and `store gift card' do not 
                include an electronic promise, plastic card, or payment 
                code or device that is--
                            ``(i) used solely for telephone services;
                            ``(ii) reloadable and not marketed or 
                        labeled as a gift card or gift certificate;
                            ``(iii) a loyalty, award, or promotional 
                        gift card, as defined by the Board;
                            ``(iv) not marketed to the general public;
                            ``(v) issued in paper form only (including 
                        for tickets and events); or
                            ``(vi) redeemable solely for admission to 
                        events or venues at a particular location or 
                        group of affiliated locations, which may also 
                        include services or goods obtainable--
                                    ``(I) at the event or venue after 
                                admission; or
                                    ``(II) in conjunction with 
                                admission to such events or venues, at 
                                specific locations affiliated with and 
                                in geographic proximity to the event or 
                                venue.
            ``(3) Service fee.--
                    ``(A) In general.--The term `service fee' means a 
                periodic fee, charge, or penalty for holding or use of 
                a gift certificate, store gift card, or general-use 
                prepaid card.
                    ``(B) Exclusion.--With respect to a general-use 
                prepaid card, the term `service fee' does not include a 
                one-time initial issuance fee.
    ``(b) Prohibition on Imposition of Fees or Charges.--
            ``(1) In general.--Except as provided under paragraphs (2) 
        through (4), it shall be unlawful for any person to impose a 
        dormancy fee, an inactivity charge or fee, or a service fee 
        with respect to a gift certificate, store gift card, or 
        general-use prepaid card.
            ``(2) Exceptions.--A dormancy fee, inactivity charge or 
        fee, or service fee may be charged with respect to a gift 
        certificate, store gift card, or general-use prepaid card, if--
                    ``(A) there has been no activity with respect to 
                the certificate or card in the 12-month period ending 
                on the date on which the charge or fee is imposed;
                    ``(B) the disclosure requirements of paragraph (3) 
                have been met;
                    ``(C) not more than one fee may be charged in any 
                given month; and
                    ``(D) any additional requirements that the Board 
                may establish through rulemaking under subsection (d) 
                have been met.
            ``(3) Disclosure requirements.--The disclosure requirements 
        of this paragraph are met if--
                    ``(A) the gift certificate, store gift card, or 
                general-use prepaid card clearly and conspicuously 
                states--
                            ``(i) that a dormancy fee, inactivity 
                        charge or fee, or service fee may be charged;
                            ``(ii) the amount of such fee or charge;
                            ``(iii) how often such fee or charge may be 
                        assessed; and
                            ``(iv) that such fee or charge may be 
                        assessed for inactivity; and
                    ``(B) the issuer or vendor of such certificate or 
                card informs the purchaser of such charge or fee before 
                such certificate or card is purchased, regardless of 
                whether the certificate or card is purchased in person, 
                over the Internet, or by telephone.
            ``(4) Exclusion.--The prohibition under paragraph (1) shall 
        not apply to any gift certificate--
                    ``(A) that is distributed pursuant to an award, 
                loyalty, or promotional program, as defined by the 
                Board; and
                    ``(B) with respect to which, there is no money or 
                other value exchanged.
    ``(c) Prohibition on Sale of Gift Cards With Expiration Dates.--
            ``(1) In general.--Except as provided under paragraph (2), 
        it shall be unlawful for any person to sell or issue a gift 
        certificate, store gift card, or general-use prepaid card that 
        is subject to an expiration date.
            ``(2) Exceptions.--A gift certificate, store gift card, or 
        general-use prepaid card may contain an expiration date if--
                    ``(A) the expiration date is not earlier than 5 
                years after the date on which the gift certificate was 
                issued, or the date on which card funds were last 
                loaded to a store gift card or general-use prepaid 
                card; and
                    ``(B) the terms of expiration are clearly and 
                conspicuously stated.
    ``(d) Additional Rulemaking.--
            ``(1) In general.--The Board shall--
                    ``(A) prescribe regulations to carry out this 
                section, in addition to any other rules or regulations 
                required by this title, including such additional 
                requirements as appropriate relating to the amount of 
                dormancy fees, inactivity charges or fees, or service 
                fees that may be assessed and the amount of remaining 
                value of a gift certificate, store gift card, or 
                general-use prepaid card below which such charges or 
                fees may be assessed; and
                    ``(B) shall determine the extent to which the 
                individual definitions and provisions of the Electronic 
                Fund Transfer Act or Regulation E should apply to 
                general-use prepaid cards, gift certificates, and store 
                gift cards.
            ``(2) Consultation.--In prescribing regulations under this 
        subsection, the Board shall consult with the Federal Trade 
        Commission.
            ``(3) Timing; effective date.--The regulations required by 
        this subsection shall be issued in final form not later than 9 
        months after the date of enactment of the Credit CARD Act of 
        2009.''.

SEC. 402. RELATION TO STATE LAWS.

    Section 920 of the Electronic Fund Transfer Act (as redesignated by 
this title) is amended by inserting ``dormancy fees, inactivity charges 
or fees, service fees, or expiration dates of gift certificates, store 
gift cards, or general-use prepaid cards,'' after ``electronic fund 
transfers,''.

SEC. 403. EFFECTIVE DATE.

    This title and the amendments made by this title shall become 
effective 15 months after the date of enactment of this Act.

                   TITLE V--MISCELLANEOUS PROVISIONS

SEC. 501. STUDY AND REPORT ON INTERCHANGE FEES.

    (a) Study Required.--The Comptroller General of the United States 
(in this section referred to as the ``Comptroller'') shall conduct a 
study on use of credit by consumers, interchange fees, and their 
effects on consumers and merchants.
    (b) Subjects for Review.--In conducting the study required by this 
section, the Comptroller shall review--
            (1) the extent to which interchange fees are required to be 
        disclosed to consumers and merchants, whether merchants are 
        restricted from disclosing interchange or merchant discount 
        fees, and how such fees are overseen by the Federal banking 
        agencies or other regulators;
            (2) the ways in which the interchange system affects the 
        ability of merchants of varying size to negotiate pricing with 
        card associations and banks;
            (3) the costs and factors incorporated into interchange 
        fees, such as advertising, bonus miles, and rewards, how such 
        costs and factors vary among cards;
            (4) the consequences of the undisclosed nature of 
        interchange fees on merchants and consumers with regard to 
        prices charged for goods and services;
            (5) how merchant discount fees compare to the credit losses 
        and other costs that merchants incur to operate their own 
        credit networks or store cards;
            (6) the extent to which the rules of payment card networks 
        and their policies regarding interchange fees are accessible to 
        merchants;
            (7) other jurisdictions where the central bank has 
        regulated interchange fees and the impact on retail prices to 
        consumers in such jurisdictions;
            (8) whether and to what extent merchants are permitted to 
        discount for cash; and
            (9) the extent to which interchange fees allow smaller 
        financial institutions and credit unions to offer payment cards 
        and compete against larger financial institutions.
    (c) Report Required.--Not later than 180 days after the date of 
enactment of this Act, the Comptroller shall submit a report to the 
Committee on Banking, Housing, and Urban Affairs of the Senate and the 
Committee on Financial Services of the House of Representatives 
containing a detailed summary of the findings and conclusions of the 
study required by this section, together with such recommendations for 
legislative or administrative actions as may be appropriate.

SEC. 502. BOARD REVIEW OF CONSUMER CREDIT PLANS AND REGULATIONS.

    (a) Required Review.--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, within the limits 
of its existing resources available for reporting purposes, of the 
consumer credit card market, including--
            (1) the terms of credit card agreements and the practices 
        of credit card issuers;
            (2) the effectiveness of disclosure of terms, fees, and 
        other expenses of credit card plans;
            (3) the adequacy of protections against unfair or deceptive 
        acts or practices relating to credit card plans; and
            (4) whether or not, and to what extent, the implementation 
        of this Act and the amendments made by this Act has affected--
                    (A) cost and availability of credit, particularly 
                with respect to non-prime borrowers;
                    (B) the safety and soundness of credit card 
                issuers;
                    (C) the use of risk-based pricing; or
                    (D) credit card product innovation.
    (b) Solicitation of Public Comment.--In connection with conducting 
the review required by subsection (a), the Board shall solicit comment 
from consumers, credit card issuers, and other interested parties, such 
as through hearings or written comments.
    (c) Regulations.--
            (1) Notice.--Following the review required by subsection 
        (a), the Board shall publish a notice in the Federal Register 
        that--
                    (A) summarizes the review, the comments received 
                from the public solicitation, and other evidence 
                gathered by the Board, such as through consumer testing 
                or other research; and
                    (B) either--
                            (i) proposes new or revised regulations or 
                        interpretations to update or revise disclosures 
                        and protections for consumer credit cards, as 
                        appropriate; or
                            (ii) states the reason for the 
                        determination of the Board that new or revised 
                        regulations are not necessary.
            (2) Revision of review period following material revision 
        of regulations.--In the event that the Board materially revises 
        regulations on consumer credit card plans, a review need not be 
        conducted until 2 years after the effective date of the revised 
        regulations, which thereafter shall be treated as the new date 
        for the biennial review required by subsection (a).
    (d) Board Report to the Congress.--The Board shall report to 
Congress not less frequently than every 2 years, except as provided in 
subsection (c)(2), on the status of its most recent review, its efforts 
to address any issues identified from the review, and any 
recommendations for legislation.
    (e) Additional Reporting.--The Federal banking agencies (as that 
term is defined in section 3 of the Federal Deposit Insurance Act) and 
the Federal Trade Commission shall provide annually to the Board, and 
the Board shall include in its annual report to Congress under section 
10 of the Federal Reserve Act, information about the supervisory and 
enforcement activities of the agencies with respect to compliance by 
credit card issuers with applicable Federal consumer protection 
statutes and regulations, including--
            (1) this Act, the amendments made by this Act, and 
        regulations prescribed under this Act and such amendments; and
            (2) section 5 of the Federal Trade Commission Act, and 
        regulations prescribed under the Federal Trade Commission Act, 
        including part 227 of title 12 of the Code of Federal 
        Regulations, as prescribed by the Board (referred to as 
        ``Regulation AA'').

SEC. 503. STORED VALUE.

    (a) In General.--Not later than 270 days after the date of 
enactment of this Act, the Secretary of the Treasury, in consultation 
with the Secretary of Homeland Security, shall issue regulations in 
final form implementing the Bank Secrecy Act, regarding the sale, 
issuance, redemption, or international transport of stored value, 
including stored value cards.
    (b) Consideration of International Transport.--Regulations under 
this section regarding international transport of stored value may 
include reporting requirements pursuant to section 5316 of title 31, 
United States Code.
    (c) Emerging Methods for Transmittal and Storage in Electronic 
Form.--Regulations under this section shall take into consideration 
current and future needs and methodologies for transmitting and storing 
value in electronic form.

SEC. 504. PROCEDURE FOR TIMELY SETTLEMENT OF ESTATES OF DECEDENT 
              OBLIGORS.

    (a) In General.--Chapter 2 of the Truth in Lending Act ( U.S.C. 
1631 et seq.) is amended by adding at the end the following new 
section:
``Sec. 140A Procedure for timely settlement of estates of decedent 
              obligors
    ``The Board, in consultation with the Federal Trade Commission and 
each other agency referred to in section 108(a), shall prescribe 
regulations to require any creditor, with respect to any credit card 
account under an open end consumer credit plan, to establish procedures 
to ensure that any administrator of an estate of any deceased obligor 
with respect to such account can resolve outstanding credit balances in 
a timely manner.''.
    (b) Clerical Amendment.--The table of sections for chapter 2 of the 
Truth in Lending Act is amended by inserting after the item relating to 
section 140 the following new item:

``140A. Procedure for timely settlement of estates of decedent 
                            obligors'.''.

SEC. 505. REPORT TO CONGRESS ON REDUCTIONS OF CONSUMER CREDIT CARD 
              LIMITS BASED ON CERTAIN INFORMATION AS TO EXPERIENCE OR 
              TRANSACTIONS OF THE CONSUMER.

    (a) Report on Creditor Practices Required.--Before the end of the 
1-year period beginning on the date of enactment of this Act, the 
Board, in consultation with the Comptroller of the Currency, the 
Director of the Office of Thrift Supervision, the Federal Deposit 
Insurance Corporation, the National Credit Union Administration Board, 
and the Federal Trade Commission, shall submit a report to the 
Committee on Financial Services of the House of Representatives and the 
Committee on Banking, Housing, and Urban Affairs of the Senate on the 
extent to which, during the 3-year period ending on such date of 
enactment, creditors have reduced credit limits or raised interest 
rates applicable to credit card accounts under open end consumer credit 
plans based on--
            (1) the geographic location where a credit transaction with 
        the consumer took place, or the identity of the merchant 
        involved in the transaction;
            (2) the credit transactions of the consumer, including the 
        type of credit transaction, the type of items purchased in such 
        transaction, the price of items purchased in such transaction, 
        any change in the type or price of items purchased in such 
        transactions, and other data pertaining to the use of such 
        credit card account by the consumer; and
            (3) the identity of the mortgage creditor which extended or 
        holds the mortgage loan secured by the primary residence of the 
        consumer.
    (b) Other Information.--The report required under subsection (a) 
shall also include--
            (1) the number of creditors that have engaged in the 
        practices described in subsection (a);
            (2) the extent to which the practices described in 
        subsection (a) have an adverse impact on minority or low-income 
        consumers;
            (3) any other relevant information regarding such 
        practices; and
            (4) recommendations to the Congress on any regulatory or 
        statutory changes that may be needed to restrict or prevent 
        such practices.

SEC. 506. BOARD REVIEW OF SMALL BUSINESS CREDIT PLANS AND 
              RECOMMENDATIONS.

    (a) Required Review.--Not later than 9 months after the date of 
enactment of this Act, the Board shall conduct a review of the use of 
credit cards by businesses with not more than 50 employees (in this 
section referred to as ``small businesses'') and the credit card market 
for small businesses, including--
            (1) the terms of credit card agreements for small 
        businesses and the practices of credit card issuers relating to 
        small businesses;
            (2) the adequacy of disclosures of terms, fees, and other 
        expenses of credit card plans for small businesses;
            (3) the adequacy of protections against unfair or deceptive 
        acts or practices relating to credit card plans for small 
        businesses;
            (4) the cost and availability of credit for small 
        businesses, particularly with respect to non-prime borrowers;
            (5) the use of risk-based pricing for small businesses;
            (6) credit card product innovation relating to small 
        businesses; and
            (7) the extent to which small business owners use personal 
        credit cards to fund their business operations.
    (b) Recommendations.--Following the review required by subsection 
(a), the Board shall, not later than 12 months after the date of 
enactment of this Act--
            (1) provide a report to Congress that summarizes the review 
        and other evidence gathered by the Board, such as through 
        consumer testing or other research, and
            (2) make recommendations for administrative or legislative 
        initiatives to provide protections for credit card plans for 
        small businesses, as appropriate.

SEC. 507. SMALL BUSINESS INFORMATION SECURITY TASK FORCE.

    (a) Definitions.--In this section--
            (1) the terms ``Administration'' and ``Administrator'' mean 
        the Small Business Administration and the Administrator 
        thereof, respectively;
            (2) the term ``small business concern'' has the same 
        meaning as in section 3 of the Small Business Act (15 U.S.C. 
        632); and
            (3) the term ``task force'' means the task force 
        established under subsection (b).
    (b) Establishment.--The Administrator shall, in conjunction with 
the Secretary of Homeland Security, establish a task force, to be known 
as the ``Small Business Information Security Task Force'', to address 
the information technology security needs of small business concerns 
and to help small business concerns prevent the loss of credit card 
data.
    (c) Duties.--The task force shall--
            (1) identify--
                    (A) the information technology security needs of 
                small business concerns; and
                    (B) the programs and services provided by the 
                Federal Government, State Governments, and 
                nongovernment organizations that serve those needs;
            (2) assess the extent to which the programs and services 
        identified under paragraph (1)(B) serve the needs identified 
        under paragraph (1)(A);
            (3) make recommendations to the Administrator on how to 
        more effectively serve the needs identified under paragraph 
        (1)(A) through--
                    (A) programs and services identified under 
                paragraph (1)(B); and
                    (B) new programs and services promoted by the task 
                force;
            (4) make recommendations on how the Administrator may 
        promote--
                    (A) new programs and services that the task force 
                recommends under paragraph (3)(B); and
                    (B) programs and services identified under 
                paragraph (1)(B);
            (5) make recommendations on how the Administrator may 
        inform and educate with respect to--
                    (A) the needs identified under paragraph (1)(A);
                    (B) new programs and services that the task force 
                recommends under paragraph (3)(B); and
                    (C) programs and services identified under 
                paragraph (1)(B);
            (6) make recommendations on how the Administrator may more 
        effectively work with public and private interests to address 
        the information technology security needs of small business 
        concerns; and
            (7) make recommendations on the creation of a permanent 
        advisory board that would make recommendations to the 
        Administrator on how to address the information technology 
        security needs of small business concerns.
    (d) Internet Website Recommendations.--The task force shall make 
recommendations to the Administrator relating to the establishment of 
an Internet website to be used by the Administration to receive and 
dispense information and resources with respect to the needs identified 
under subsection (c)(1)(A) and the programs and services identified 
under subsection (c)(1)(B). As part of the recommendations, the task 
force shall identify the Internet sites of appropriate programs, 
services, and organizations, both public and private, to which the 
Internet website should link.
    (e) Education Programs.--The task force shall make recommendations 
to the Administrator relating to developing additional education 
materials and programs with respect to the needs identified under 
subsection (c)(1)(A).
    (f) Existing Materials.--The task force shall organize and 
distribute existing materials that inform and educate with respect to 
the needs identified under subsection (c)(1)(A) and the programs and 
services identified under subsection (c)(1)(B).
    (g) Coordination With Public and Private Sector.--In carrying out 
its responsibilities under this section, the task force shall 
coordinate with, and may accept materials and assistance as it 
determines appropriate from, public and private entities, including--
            (1) any subordinate officer of the Administrator;
            (2) any organization authorized by the Small Business Act 
        to provide assistance and advice to small business concerns;
            (3) other Federal agencies, their officers, or employees; 
        and
            (4) any other organization, entity, or person not described 
        in paragraph (1), (2), or (3).
    (h) Appointment of Members.--
            (1) Chairperson and vice-chairperson.--The task force shall 
        have--
                    (A) a Chairperson, appointed by the Administrator; 
                and
                    (B) a Vice-Chairperson, appointed by the 
                Administrator, in consultation with appropriate 
                nongovernmental organizations, entities, or persons.
            (2) Members.--
                    (A) Chairperson and vice-chairperson.--The 
                Chairperson and the Vice-Chairperson shall serve as 
                members of the task force.
                    (B) Additional members.--
                            (i) In general.--The task force shall have 
                        additional members, each of whom shall be 
                        appointed by the Chairperson, with the approval 
                        of the Administrator.
                            (ii) Number of members.--The number of 
                        additional members shall be determined by the 
                        Chairperson, in consultation with the 
                        Administrator, except that--
                                    (I) the additional members shall 
                                include, for each of the groups 
                                specified in paragraph (3), at least 1 
                                member appointed from within that 
                                group; and
                                    (II) the number of additional 
                                members shall not exceed 13.
            (3) Groups represented.--The groups specified in this 
        paragraph are--
                    (A) subject matter experts;
                    (B) users of information technologies within small 
                business concerns;
                    (C) vendors of information technologies to small 
                business concerns;
                    (D) academics with expertise in the use of 
                information technologies to support business;
                    (E) small business trade associations;
                    (F) Federal, State, or local agencies, including 
                the Department of Homeland Security, engaged in 
                securing cyberspace; and
                    (G) information technology training providers with 
                expertise in the use of information technologies to 
                support business.
            (4) Political affiliation.--The appointments under this 
        subsection shall be made without regard to political 
        affiliation.
    (i) Meetings.--
            (1) Frequency.--The task force shall meet at least 2 times 
        per year, and more frequently if necessary to perform its 
        duties.
            (2) Quorum.--A majority of the members of the task force 
        shall constitute a quorum.
            (3) Location.--The Administrator shall designate, and make 
        available to the task force, a location at a facility under the 
        control of the Administrator for use by the task force for its 
        meetings.
            (4) Minutes.--
                    (A) In general.--Not later than 30 days after the 
                date of each meeting, the task force shall publish the 
                minutes of the meeting in the Federal Register and 
                shall submit to the Administrator any findings or 
                recommendations approved at the meeting.
                    (B) Submission to congress.--Not later than 60 days 
                after the date that the Administrator receives minutes 
                under subparagraph (A), the Administrator shall submit 
                to the Committee on Small Business and Entrepreneurship 
                of the Senate and the Committee on Small Business of 
                the House of Representatives such minutes, together 
                with any comments the Administrator considers 
                appropriate.
            (5) Findings.--
                    (A) In general.--Not later than the date on which 
                the task force terminates under subsection (m), the 
                task force shall submit to the Administrator a final 
                report on any findings and recommendations of the task 
                force approved at a meeting of the task force.
                    (B) Submission to congress.--Not later than 90 days 
                after the date on which the Administrator receives the 
                report under subparagraph (A), the Administrator shall 
                submit to the Committee on Small Business and 
                Entrepreneurship of the Senate and the Committee on 
                Small Business of the House of Representatives the full 
                text of the report submitted under subparagraph (A), 
                together with any comments the Administrator considers 
                appropriate.
    (j) Personnel Matters.--
            (1) Compensation of members.--Each member of the task force 
        shall serve without pay for their service on the task force.
            (2) Travel expenses.--Each member of the task force shall 
        receive travel expenses, including per diem in lieu of 
        subsistence, in accordance with applicable provisions under 
        subchapter I of chapter 57 of title 5, United States Code.
            (3) Detail of sba employees.--The Administrator may detail, 
        without reimbursement, any of the personnel of the 
        Administration to the task force to assist it in carrying out 
        the duties of the task force. Such a detail shall be without 
        interruption or loss of civil status or privilege.
            (4) SBA support of the task force.--Upon the request of the 
        task force, the Administrator shall provide to the task force 
        the administrative support services that the Administrator and 
        the Chairperson jointly determine to be necessary for the task 
        force to carry out its duties.
    (k) Not Subject to Federal Advisory Committee Act.--The Federal 
Advisory Committee Act (5 U.S.C. App.) shall not apply to the task 
force.
    (l) Startup Deadlines.--The initial appointment of the members of 
the task force shall be completed not later than 90 days after the date 
of enactment of this Act, and the first meeting of the task force shall 
be not later than 180 days after the date of enactment of this Act.
    (m) Termination.--
            (1) In general.--Except as provided in paragraph (2), the 
        task force shall terminate at the end of fiscal year 2013.
            (2) Exception.--If, as of the termination date under 
        paragraph (1), the task force has not complied with subsection 
        (i)(4) with respect to 1 or more meetings, then the task force 
        shall continue after the termination date for the sole purpose 
        of achieving compliance with subsection (i)(4) with respect to 
        those meetings.
    (n) Authorization of Appropriations.--There is authorized to be 
appropriated to carry out this section $300,000 for each of fiscal 
years 2010 through 2013.

SEC. 508. STUDY AND REPORT ON EMERGENCY PIN TECHNOLOGY.

    (a) In General.--The Federal Trade Commission, in consultation with 
the Attorney General of the United States and the United States Secret 
Service, shall conduct a study on the cost-effectiveness of making 
available at automated teller machines technology that enables a 
consumer that is under duress to electronically alert a local law 
enforcement agency that an incident is taking place at such automated 
teller machine, including--
            (1) an emergency personal identification number that would 
        summon a local law enforcement officer to an automated teller 
        machine when entered into such automated teller machine; and
            (2) a mechanism on the exterior of an automated teller 
        machine that, when pressed, would summon a local law 
        enforcement to such automated teller machine.
    (b) Contents of Study.--The study required under subsection (a) 
shall include--
            (1) an analysis of any technology described in subsection 
        (a) that is currently available or under development;
            (2) an estimate of the number and severity of any crimes 
        that could be prevented by the availability of such technology;
            (3) the estimated costs of implementing such technology; 
        and
            (4) a comparison of the costs and benefits of not fewer 
        than 3 types of such technology.
    (c) Report.--Not later than 9 months after the date of enactment of 
this Act, the Federal Trade Commission shall submit to Congress a 
report on the findings of the study required under this section that 
includes such recommendations for legislative action as the Commission 
determines appropriate.

SEC. 509. STUDY AND REPORT ON THE MARKETING OF PRODUCTS WITH CREDIT 
              OFFERS.

    (a) Study.--The Comptroller General of the United States shall 
conduct a study on the terms, conditions, marketing, and value to 
consumers of products marketed in conjunction with credit card offers, 
including--
            (1) debt suspension agreements;
            (2) debt cancellation agreements; and
            (3) credit insurance products.
    (b) Areas of Concern.--The study conducted under this section shall 
evaluate--
            (1) the suitability of the offer of products described in 
        subsection (a) for target customers;
            (2) the predatory nature of such offers; and
            (3) specifically for debt cancellation or suspension 
        agreements and credit insurance products, loss rates compared 
        to more traditional insurance products.
    (c) Report to Congress.--The Comptroller shall submit a report to 
Congress on the results of the study required by this section not later 
than December 31, 2010.

SEC. 510. FINANCIAL AND ECONOMIC LITERACY.

    (a) Report on Federal Financial and Economic Literacy Education 
Programs.--
            (1) In general.--Not later than 9 months after the date of 
        enactment of this Act, the Secretary of Education and the 
        Director of the Office of Financial Education of the Department 
        of the Treasury shall coordinate with the President's Advisory 
        Council on Financial Literacy--
                    (A) to evaluate and compile a comprehensive summary 
                of all existing Federal financial and economic literacy 
                education programs, as of the time of the report; and
                    (B) to prepare and submit a report to Congress on 
                the findings of the evaluations.
            (2) Contents.--The report required by this subsection shall 
        address, at a minimum--
                    (A) the 2008 recommendations of the President's 
                Advisory Council on Financial Literacy;
                    (B) existing Federal financial and economic 
                literacy education programs for grades kindergarten 
                through grade 12, and annual funding to support these 
                programs;
                    (C) existing Federal postsecondary financial and 
                economic literacy education programs and annual funding 
                to support these programs;
                    (D) the current financial and economic literacy 
                education needs of adults, and in particular, low- and 
                moderate-income adults;
                    (E) ways to incorporate and disseminate best 
                practices and high quality curricula in financial and 
                economic literacy education; and
                    (F) specific recommendations on sources of revenue 
                to support financial and economic literacy education 
                activities with a specific analysis of the potential 
                use of credit card transaction fees.
    (b) Strategic Plan.--
            (1) In general.--The Secretary of Education and the 
        Director of the Office of Financial Education of the Department 
        of the Treasury shall coordinate with the President's Advisory 
        Council on Financial Literacy to develop a strategic plan to 
        improve and expand financial and economic literacy education.
            (2) Contents.--The plan developed under this subsection 
        shall--
                    (A) incorporate findings from the report and 
                evaluations of existing Federal financial and economic 
                literacy education programs under subsection (a); and
                    (B) include proposals to improve, expand, and 
                support financial and economic literacy education based 
                on the findings of the report and evaluations.
            (3) Presentation to congress.--The plan developed under 
        this subsection shall be presented to Congress not later than 6 
        months after the date on which the report under subsection (a) 
        is submitted to Congress.
    (c) Effective Date.--Notwithstanding section 3, this section shall 
become effective on the date of enactment of this Act.

SEC. 511. FEDERAL TRADE COMMISSION RULEMAKING ON MORTGAGE LENDING.

    (a) In General.--Section 626 of division D of the Omnibus 
Appropriations Act, 2009 (Public Law 111-8) is amended--
            (1) in subsection (a)--
                    (A) by striking ``Within'' and inserting ``(1) 
                Within'';
                    (B) in paragraph (1), as designated by subparagraph 
                (A), by inserting after the first sentence the 
                following: ``Such rulemaking shall relate to unfair or 
                deceptive acts or practices regarding mortgage loans, 
                which may include unfair or deceptive acts or practices 
                involving loan modification and foreclosure rescue 
                services.''; and
                    (C) by adding at the end the following:
            ``(2) Paragraph (1) shall not be construed to authorize the 
        Federal Trade Commission to promulgate a rule with respect to 
        an entity that is not subject to enforcement of the Federal 
        Trade Commission Act (15 U.S.C. 41 et seq.) by the Commission.
            ``(3) Before issuing a final rule pursuant to the 
        proceeding initiated under paragraph (1), the Federal Trade 
        Commission shall consult with the Federal Reserve Board 
        concerning any portion of the proposed rule applicable to acts 
        or practices to which the provisions of the Truth in Lending 
        Act (15 U.S.C. 1601 et seq.) may apply.
            ``(4) The Federal Trade Commission shall enforce the rules 
        issued under paragraph (1) in the same manner, by the same 
        means, and with the same jurisdiction, powers, and duties as 
        though all applicable terms and provisions of the Federal Trade 
        Commission Act (15 U.S.C. 41 et seq.) were incorporated into 
        and made part of this section.''; and
            (2) in subsection (b)--
                    (A) by striking so much as precedes paragraph (2) 
                and inserting the following:
    ``(b)(1) Except as provided in paragraph (6), in any case in which 
the attorney general of a State has reason to believe that an interest 
of the residents of that State has been or is threatened or adversely 
affected by the engagement of any person subject to a rule prescribed 
under subsection (a) in a practice that violates such rule, the State, 
as parens patriae, may bring a civil action on behalf of the residents 
of the State in an appropriate district court of the United States or 
other court of competent jurisdiction--
            ``(A) to enjoin that practice;
            ``(B) to enforce compliance with the rule;
            ``(C) to obtain damages, restitution, or other compensation 
        on behalf of residents of the State; or
            ``(D) to obtain penalties and relief provided by the 
        Federal Trade Commission Act and such other relief as the court 
        considers appropriate.''; and
                    (B) in paragraphs (2), (3), and (6), by striking 
                ``Commission'' each place it appears and inserting 
                ``primary Federal regulator''.
    (b) Effective Date.--The amendments made by subsection (a) shall 
take effect on March 12, 2009.

SEC. 512. PROTECTING AMERICANS FROM VIOLENT CRIME.

    (a) Congressional Findings.--Congress finds the following:
            (1) The Second Amendment to the Constitution provides that 
        ``the right of the people to keep and bear Arms, shall not be 
        infringed''.
            (2) Section 2.4(a)(1) of title 36, Code of Federal 
        Regulations, provides that ``except as otherwise provided in 
        this section and parts 7 (special regulations) and 13 (Alaska 
        regulations), the following are prohibited: (i) Possessing a 
        weapon, trap or net (ii) Carrying a weapon, trap or net (iii) 
        Using a weapon, trap or net''.
            (3) Section 27.42 of title 50, Code of Federal Regulations, 
        provides that, except in special circumstances, citizens of the 
        United States may not ``possess, use, or transport firearms on 
        national wildlife refuges'' of the United States Fish and 
        Wildlife Service.
            (4) The regulations described in paragraphs (2) and (3) 
        prevent individuals complying with Federal and State laws from 
        exercising the second amendment rights of the individuals while 
        at units of--
                    (A) the National Park System; and
                    (B) the National Wildlife Refuge System.
            (5) The existence of different laws relating to the 
        transportation and possession of firearms at different units of 
        the National Park System and the National Wildlife Refuge 
        System entrapped law-abiding gun owners while at units of the 
        National Park System and the National Wildlife Refuge System.
            (6) Although the Bush administration issued new regulations 
        relating to the Second Amendment rights of law-abiding citizens 
        in units of the National Park System and National Wildlife 
        Refuge System that went into effect on January 9, 2009--
                    (A) on March 19, 2009, the United States District 
                Court for the District of Columbia granted a 
                preliminary injunction with respect to the 
                implementation and enforcement of the new regulations; 
                and
                    (B) the new regulations--
                            (i) are under review by the administration; 
                        and
                            (ii) may be altered.
            (7) Congress needs to weigh in on the new regulations to 
        ensure that unelected bureaucrats and judges cannot again 
        override the Second Amendment rights of law-abiding citizens on 
        83,600,000 acres of National Park System land and 90,790,000 
        acres of land under the jurisdiction of the United States Fish 
        and Wildlife Service.
            (8) The Federal laws should make it clear that the second 
        amendment rights of an individual at a unit of the National 
        Park System or the National Wildlife Refuge System should not 
        be infringed.
    (b) Protecting the Right of Individuals To Bear arms in Units of 
the National Park System and the National Wildlife Refuge System.--The 
Secretary of the Interior shall not promulgate or enforce any 
regulation that prohibits an individual from possessing a firearm 
including an assembled or functional firearm in any unit of the 
National Park System or the National Wildlife Refuge System if--
            (1) the individual is not otherwise prohibited by law from 
        possessing the firearm; and
            (2) the possession of the firearm is in compliance with the 
        law of the State in which the unit of the National Park System 
        or the National Wildlife Refuge System is located.

SEC. 513. GAO STUDY AND REPORT ON FLUENCY IN THE ENGLISH LANGUAGE AND 
              FINANCIAL LITERACY.

    (a) Study.--The Comptroller General of the United States shall 
conduct a study examining--
            (1) the relationship between fluency in the English 
        language and financial literacy; and
            (2) the extent, if any, to which individuals whose native 
        language is a language other than English are impeded in their 
        conduct of their financial affairs.
    (b) Report.--Not later than 1 year after the date of enactment of 
this Act, the Comptroller General of the United States shall submit a 
report to the Committee on Banking, Housing, and Urban Affairs of the 
Senate and the Committee on Financial Services of the House of 
Representatives that contains a detailed summary of the findings and 
conclusions of the study required under subsection (a).

            Attest:

                                                             Secretary.
111th CONGRESS

  1st Session

                                H.R. 627

_______________________________________________________________________

                               AMENDMENT
```