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[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 627 Enrolled Bill (ENR)]

        H.R.627

                      One Hundred Eleventh Congress

                                 of the

                        United States of America

                          AT THE FIRST SESSION

          Begun and held at the City of Washington on Tuesday,
             the sixth day of January, two thousand and nine

                                 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,
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).

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.
```