I 

110TH CONGRESS 

2D SESSION H. R. 5244 

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. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 7, 2008 

Mrs. MALONEY of New York (for herself, Mr. FRANK of Massachusetts, Ms. 

WATERS, Mr. GUTIERREZ, Mr. LYNCH, Mr. ELLISON, Mr. COHEN, Mr. 

FATTAH, Mr. HINCHEY, Mr. LANGEVIN, Mr. NADLER, Ms. SHEA-PORTER, Ms. SOLIS, Mr. WELCH of Vermont, Mr. WYNN, Mr. GONZALEZ, 

Mr. DEFAZIO, Mr. TAYLOR, Mr. OBEY, Ms. HIRONO, Mrs. BOYDA of 

Kansas, Ms. WASSERMAN SCHULTZ, Mr. UDALL of Colorado, Mr. DINGELL, Ms. CORRINE BROWN of Florida, Mr. THOMPSON of Mississippi, 

Mr. HASTINGS of Florida, Ms. CLARKE, Mr. JACKSON of Illinois, Mr. 

DAVIS of Illinois, Mrs. GILLIBRAND, Ms. EDDIE BERNICE JOHNSON of 

Texas, Ms. WATSON, Mr. ARCURI, Mr. ENGEL, Mr. TIERNEY, Mr. VAN

HOLLEN, Mr. GEORGE MILLER of California, Mr. MORAN of Virginia, 

Mr. WEINER, Mr. ABERCROMBIE, Ms. SCHAKOWSKY, Mr. SHAYS, Mr. 

SERRANO, Mr. DOGGETT, and Mr. LINCOLN DAVIS of Tennessee) introduced the following bill; which was referred to the Committee on Financial Services 

A BILL 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 


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1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Credit Cardholders’ 

3 Bill of Rights Act of 2008’’. 

4 SEC. 2. CREDIT CARDS ON TERMS CONSUMERS CAN REPAY. 

5 (a) UNIVERSAL DEFAULT ELIMINATED.—Chapter 2 

6 of the Truth in Lending Act (15 U.S.C. 1631 et seq.) is 

7 amended by inserting after section 127A the following new 

8 section: 

9 ‘‘§ 127B. Additional requirements for credit card ac10 counts under an open end consumer 

11 credit plan 

12 ‘‘(a) UNIVERSAL DEFAULT ELIMINATED FOR CRED13 IT ALREADY OUTSTANDING.—No creditor may use any 

14 adverse information concerning any consumer, including 

15 any information in any consumer report (as defined in sec16 tion 603) or any change in the credit score of the con17 sumer, as the basis for increasing any annual percentage 

18 rate of interest applicable to the outstanding balance on 

19 a credit card account of the consumer under an open end 

20 consumer credit plan at the time of any such increase, 

21 other than actions or omissions of the consumer that are 

22 directly related to such account.’’. 

23 (b) ANY-TIME ANY-REASON CHANGES IN TERMS

24 ELIMINATED.—Section 127B of the Truth in Lending Act 

25 is amended by inserting after subsection (a) (as added by 

26 subsection (a)) the following new subsection: 


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1 ‘‘(b) ANY-TIME ANY-REASON CHANGES IN TERMS

2 ELIMINATED.— 

3 ‘‘(1) IN GENERAL.—No creditor may change 

4 any term of the contract or agreement applicable 

5 with respect to any credit card account of the con6 sumer under an open end consumer credit plan until 

7 renewal of the contract or agreement except for the 

8 specific material reasons, and subject to specific lim9 itations, that are contained in the contract or agree10 ment with respect to such term at the time the ac11 count is opened. 

12 ‘‘(2) EXCEPTION FOR INCREASES IN CREDIT

13 LIMIT.—Paragraph (1) shall not apply with respect 

14 to any increase in the amount of credit authorized 

15 to be extended under an account described in such 

16 paragraph.’’. 

17 (c) ADVANCE NOTICE OF CREDIT CARD ACCOUNT

18 RATE INCREASES AND RIGHT TO CANCEL ACCOUNT.— 

19 Section 127B of the Truth in Lending Act is amended 

20 by inserting after subsection (b) (as added by subsection 

21 (b)) the following new subsection: 

22 ‘‘(c) ADVANCE NOTICE OF CREDIT CARD ACCOUNT

23 RATE INCREASES AND RIGHT TO CANCEL ACCOUNT.— 

24 ‘‘(1) ADVANCE NOTICE OF CREDIT CARD AC25 COUNT RATE INCREASES REQUIRED.—In the case of 


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1 any credit card account under an open end consumer 

2 credit plan, no increase in any annual percentage 

3 rate of interest, for any reason other than an in4 crease due to the expiration of any introductory per5 centage rate of interest, or due solely to a change in 

6 another rate of interest to which such rate is in7 dexed, may take effect before the end of the 45-day 

8 period beginning on the date notice of such increase 

9 is sent to the cardholder. 

10 ‘‘(2) RIGHT TO CANCEL WITHOUT INCREASE IN

11 APR ON OUTSTANDING BALANCE.—Any consumer 

12 who receives a notice from a creditor pursuant to 

13 paragraph (1) with respect to a credit card account 

14 under an open end consumer credit plan shall have 

15 the right— 

16 ‘‘(A) to cancel the credit card, by mail, 

17 telephone, or electronic communication and 

18 without penalty or the imposition of any fee 

19 with respect to such cancellation, at any time 

20 during the period beginning on the date the 

21 consumer receives the notice pursuant to para22 graph (1) and ending on the date the consumer 

23 receives the third periodic statement with re24 spect to such account after the effective date of 

25 the increase; and 


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1 ‘‘(B) to pay any outstanding balance on 

2 the credit card account that accrued before the 

3 effective date of the increase at the annual per4 centage rate and repayment period in effect be5 fore the notice was received. 

6 ‘‘(3) NOTICE REQUIREMENTS.— 

7 ‘‘(A) INITIAL NOTICE REQUIREMENT.— 

8 The notice required under paragraph (1) with 

9 respect to an increase in any annual percentage 

10 rate of interest shall— 

11 ‘‘(i) be made in a clear and con12 spicuous manner; and 

13 ‘‘(ii) contain a brief statement of the 

14 right of the consumer to cancel the account 

15 and pay the balance at the annual percent16 age rate in effect before the increase in ac17 cordance with paragraph (2) and the mail18 ing address, telephone number, and Inter19 net address and Worldwide Web site at 

20 which the consumer may make any such 

21 cancellation. 

22 ‘‘(B) SUBSEQUENT NOTICES REQUIRED IN

23 PERIODIC STATEMENTS.—Each periodic state24 ment provided to the consumer with respect to 

25 the credit card account after a notice is proVerDate Aug 31 2005 05:50 Feb 08, 2008 Jkt 069200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H5244.IH H5244

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1 vided under paragraph (1) until the third peri2 odic statement with respect to such account 

3 after the effective date of the increase shall also 

4 contain the information required in such notice. 

5 ‘‘(C) PRO FORMA NOTICES DO NOT MEET

6 NOTICE REQUIREMENT.—A notice that terms 

7 may change, or will change, for any or no rea8 son does not constitute a notice for purposes of 

9 this subsection. 

10 ‘‘(4) PAYMENT OF POST-INCREASE EXTENSIONS

11 OF CREDIT.—If any consumer obtains an extension 

12 of credit on a credit card account on or after the ef13 fective date of the increase in the annual percentage 

14 rate for which a notice was provided in accordance 

15 with paragraph (1) and subsequently cancels the ac16 count under paragraph (2), the outstanding balance 

17 of such credit that was extended on or after the ef18 fective date of the increase shall be subject to repay19 ment at the increased rate in effect at the time of 

20 the extension of credit.’’. 

21 (d) CLERICAL AMENDMENT.—The table of sections 

22 for chapter 2 of the Truth in Lending Act (15 U.S.C. 

23 1631 et seq.) is amended by inserting after the item relat24 ing to section 127A the following new item: 

‘‘127B. Additional requirements for credit card accounts under an open end consumer credit plan.’’. 


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1 SEC. 3. CLEAR EXPLANATION OF ACCOUNT FEATURES, 

2 TERMS, AND PRICING REQUIRED AT REL3 EVANT TIMES. 

4 (a) DOUBLE CYCLE BILLING PROHIBITED.—Section 

5 127B of the Truth in Lending Act is amended by inserting 

6 after subsection (c) (as added by section 2(c)) the fol7 lowing new subsection: 

8 ‘‘(d) DOUBLE CYCLE BILLING PROHIBITED.—If an 

9 open end consumer credit plan provides a time period 

10 within which a consumer may repay the credit extended 

11 without incurring an interest charge, and the consumer 

12 repays all or a portion of such credit that is subject to 

13 such time period within the specified time period, the cred14 itor may not impose or collect an interest charge on the 

15 portion of the credit that was repaid within such specified 

16 time period.’’. 

17 (b) LIMITATIONS RELATING TO ACCOUNT BALANCES

18 ATTRIBUTABLE ONLY TO ACCRUED INTEREST.—Section 

19 127B is amended by inserting after subsection (d) (as 

20 added by subsection (a)) the following new subsection: 

21 ‘‘(e) LIMITATIONS RELATING TO ACCOUNT BAL22 ANCES ATTRIBUTABLE ONLY TO ACCRUED INTEREST.— 

23 ‘‘(1) IN GENERAL.—If the outstanding balance 

24 on a credit card account under an open end con25 sumer credit plan represents an amount attributable 


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1 only to accrued interest on previously repaid credit 

2 extended under the plan— 

3 ‘‘(A) no fee may be imposed or collected in 

4 connection with such balance; and 

5 ‘‘(B) any failure to make timely repay6 ments of such balance shall not constitute a de7 fault on the account. 

8 ‘‘(2) RULE OF CONSTRUCTION.—Paragraph (1) 

9 shall not be construed as affecting— 

10 ‘‘(A) the consumer’s obligation to pay any 

11 accrued interest on a credit card account under 

12 an open end consumer credit plan; or 

13 ‘‘(B) the accrual of interest on the out14 standing balance on any such account in ac15 cordance with the terms of the account and this 

16 title.’’. 

17 (c) PAYOFF BALANCE REQUIRED ON EACH PERI18 ODIC STATEMENT OF ACCOUNT.—Section 127B of the 

19 Truth in Lending Act is amended by inserting after sub20 section (e) (as added by subsection (b)) the following new 

21 subsection: 

22 ‘‘(f) EACH PERIODIC STATEMENT OF ACCOUNT RE23 QUIRED TO PROVIDE NOTICE FOR OBTAINING PAYOFF

24 BALANCE.—Each periodic statement provided by a cred25 itor to a consumer with respect to a credit card account 


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1 under an open end consumer credit plan shall contain the 

2 telephone number, Internet address, and Worldwide Web 

3 site at which the consumer may request the payoff balance 

4 on the account.’’. 

5 (d) CONSUMER RIGHT TO REJECT CARD BEFORE

6 NOTICE IS PROVIDED OF OPEN ACCOUNT.—Section 127B 

7 of the Truth in Lending Act is amended by inserting after 

8 subsection (g) (as added by subsection (c)) the following 

9 new subsection: 

10 ‘‘(g) CONSUMER RIGHT TO REJECT CARD BEFORE

11 NOTICE OF NEW ACCOUNT IS PROVIDED TO CONSUMER

12 REPORTING AGENCY.—A creditor may not furnish any in13 formation to a consumer reporting agency (as defined in 

14 section 603) concerning a newly opened credit card ac15 count under an open end consumer credit plan until the 

16 credit card has been used or activated by the consumer.’’. 

17 (e) USE OF TERMS CLARIFIED.—Section 127B of the 

18 Truth in Lending Act is amended by inserting after sub19 section (g) (as added by subsection (d)) the following new 

20 subsection: 

21 ‘‘(h) USE OF TERMS.—The following requirements 

22 shall apply with respect to the terms of any credit card 

23 account under any open end consumer credit plan: 

24 ‘‘(1) ‘FIXED’ RATE.—The term ‘fixed’, when 

25 appearing in conjunction with a reference to the anVerDate Aug 31 2005 01:50 Feb 09, 2008 Jkt 069200 PO 00000 Frm 00009 Fmt 6652 Sfmt 6201 E:\BILLS\H5244.IH H5244

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1 nual percentage rate or interest rate applicable with 

2 respect to such account, may only be used to refer 

3 to an annual percentage rate or interest rate that 

4 will not change or vary for any reason over the pe5 riod clearly and conspicuously specified in the terms 

6 of the account. 

7 ‘‘(2) PRIME RATE.—The term ‘prime rate’, 

8 when appearing in any agreement or contract for 

9 any such account, may only be used to refer to the 

10 bank prime rate published in the Federal Reserve 

11 Statistical Release on selected interest rates (daily or 

12 weekly), and commonly referred to as the H.15 re13 lease (or any successor publication). 

14 ‘‘(3) DUE DATE.— 

15 ‘‘(A) IN GENERAL.—Each periodic state16 ment for any such account shall contain a date 

17 by which the next periodic payment on the ac18 count must be made to avoid a late fee or be 

19 considered a late payment, and any payment re20 ceived by 5 P.M., Eastern Standard Time, on 

21 such date shall be treated as a timely payment 

22 for all purposes. 

23 ‘‘(B) CERTAIN ELECTRONIC FUND TRANS24 FERS.—Any payment with respect to any such 

25 account made by a consumer on-line to the Web 


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1 site of the credit card issuer or by telephone di2 rectly to the credit card issuer before 5 P.M., 

3 Eastern Standard Time, on any business day 

4 shall be credited to the consumer’s account that 

5 business day. 

6 ‘‘(C) PRESUMPTION OF TIMELY PAY7 MENT.—Any evidence provided by a consumer 

8 in the form of a receipt from the United States 

9 Postal Service or other common carrier indi10 cating that a payment on a credit card account 

11 was sent to the issuer not less than 7 days be12 fore the due date contained in the periodic 

13 statement under subparagraph (A) for such 

14 payment shall create a presumption that such 

15 payment was made by the due date, which may 

16 be rebutted by the creditor for fraud or dishon17 esty on the part of the consumer with respect 

18 to the mailing date.’’. 

19 (f) PRO RATA PAYMENT ALLOCATIONS.—Section 

20 127B of the Truth in Lending Act is amended by inserting 

21 after subsection (h) (as added by subsection (e)) the fol22 lowing new subsection: 

23 ‘‘(i) PRO RATA PAYMENT ALLOCATIONS.— 

24 ‘‘(1) IN GENERAL.—Except as permitted under 

25 paragraph (2), if the outstanding balance on a credit 


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1 card account under an open end consumer credit 

2 plan accrues interest at 2 or more different annual 

3 percentage rates, the total amount of each periodic 

4 payment made on such account shall be allocated by 

5 the creditor between or among the outstanding bal6 ances at each such annual percentage rate in the 

7 same proportion as each such balance bears to the 

8 total outstanding balance on the account. 

9 ‘‘(2) ALLOCATION TO HIGHER RATE.—Notwith10 standing paragraph (1), a creditor may elect, in any 

11 case described in such paragraph, to allocate more 

12 than a pro rata share of any payment to a portion 

13 of the outstanding balance that bears a higher an14 nual percentage rate than another portion of such 

15 outstanding balance.’’. 

16 (g) TIMELY PROVISION OF PERIODIC STATE17 MENTS.—Section 127B of the Truth in Lending Act is 

18 amended by inserting after subsection (i) (as added by 

19 subsection (f)) the following new subsection: 

20 ‘‘(j) TIMELY PROVISION OF PERIODIC STATE21 MENTS.—Each periodic statement with respect to a credit 

22 card account under an open end consumer credit plan 

23 shall be sent by the creditor to the consumer not less than 

24 25 calendar days before the due date identified in such 


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1 statement for the next payment on the outstanding bal2 ance on such account.’’. 

3 SEC. 4. CONSUMER CHOICE WITH RESPECT TO OVER-THE4 LIMIT TRANSACTIONS. 

5 Section 127B of the Truth in Lending Act is amend6 ed by inserting after subsection (j) (as added by section 

7 3(g)) the following new subsections: 

8 ‘‘(k) OPT-OUT OF CREDITOR AUTHORIZATION OF

9 OVER-THE-LIMIT TRANSACTIONS IF FEES ARE IM10 POSED.— 

11 ‘‘(1) IN GENERAL.—In the case of any credit 

12 card account under an open end consumer credit 

13 plan under which an over-the-limit-fee may be im14 posed by the creditor for any extension of credit in 

15 excess of the amount of credit authorized to be ex16 tended under such account, the consumer may elect 

17 to prohibit the creditor, with respect to such ac18 count, from completing any transaction involving the 

19 extension of credit, with respect to such account, in 

20 excess of the amount of credit authorized by noti21 fying the creditor of such election in accordance with 

22 paragraph (2). 

23 ‘‘(2) NOTIFICATION BY CONSUMER.—A con24 sumer shall notify a creditor under paragraph (1)— 


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1 ‘‘(A) through the notification system main2 tained by the creditor under paragraph (4); or 

3 ‘‘(B) by submitting to the creditor a signed 

4 notice of election, by mail or electronic commu5 nication, on a form issued by the creditor for 

6 purposes of this subparagraph. 

7 ‘‘(3) EFFECTIVENESS OF ELECTION.—An elec8 tion by a consumer under paragraph (1) shall be ef9 fective beginning 3 business days after the consumer 

10 notifies the creditor in accordance with paragraph 

11 (2) and shall remain effective until the consumer re12 vokes the election. 

13 ‘‘(4) NOTIFICATION SYSTEM.—Each creditor 

14 that maintains credit card accounts under an open 

15 end consumer credit plan shall establish and main16 tain a notification system, including a toll-free tele17 phone number, Internet address, and Worldwide 

18 Web site, which permits any consumer whose credit 

19 card account is maintained by the creditor to notify 

20 the creditor of an election under this subsection in 

21 accordance with paragraph (2). 

22 ‘‘(5) ANNUAL NOTICE TO CONSUMERS OF

23 AVAILABILITY OF ELECTION.—In the case of any 

24 credit card account under an open end consumer 

25 credit plan, the creditor shall include a notice, in 


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1 clear and conspicuous language, of the availability of 

2 an election by the consumer under this paragraph as 

3 a means of avoiding over-the limit fees and a higher 

4 amount of indebtedness, and the method for pro5 viding such notice— 

6 ‘‘(A) in the periodic statement required 

7 under subsection (b) with respect to such ac8 count at least once each calendar year; and 

9 ‘‘(B) in any such periodic statement which 

10 includes a notice of the imposition of an over11 the-limit fee during the period covered by the 

12 statement. 

13 ‘‘(6) NO FEES IF CONSUMER HAS MADE AN

14 ELECTION.—If a consumer has made an election 

15 under paragraph (1), no over-the-limit fee may be 

16 imposed on the account for any reason that has 

17 caused the outstanding balance in the account to ex18 ceed the credit limit. 

19 ‘‘(7) REGULATIONS.— 

20 ‘‘(A) IN GENERAL.—The Board shall issue 

21 regulations allowing for the completion of over22 the-limit transactions that for operational rea23 sons exceed the credit limit by a de minimis 

24 amount, even where the cardholder has made 

25 an election under paragraph (1). 


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1 ‘‘(B) SUBJECT TO NO FEE LIMITATION.— 

2 The regulations prescribed under subparagraph 

3 (A) shall not allow for the imposition of any fee 

4 or any rate increase based on the permitted 

5 over-the-limit transactions. 

6 ‘‘(l) OVER-THE-LIMIT FEE RESTRICTIONS.—With re7 spect to a credit card account under an open end consumer 

8 credit plan, an over-the-limit fee may be imposed only once 

9 during a billing cycle if, on the last day of such billing 

10 cycle, the credit limit on the account is exceeded, and an 

11 over-the-limit fee, with respect to such excess credit, may 

12 be imposed only once in each of the 2 subsequent billing 

13 cycles, unless the consumer has obtained an additional ex14 tension of credit in excess of such credit limit during any 

15 such subsequent cycle or the consumer reduces the out16 standing balance below the credit limit as of the end of 

17 such billing cycle.’’. 

18 SEC. 5. STRENGTHEN CREDIT CARD INFORMATION COL19 LECTION. 

20 Section 136(b) of the Truth in Lending Act (15 

21 U.S.C. 1646(b)) is amended— 

22 (1) in paragraph (1)— 

23 (A) by striking ‘‘COLLECTION RE24 QUIRED.—The Board shall’’ and inserting 

25 ‘‘COLLECTION REQUIRED.— 


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1 ‘‘(A) IN GENERAL.—The Board shall’’. 

2 (B) by adding at the end the following new 

3 subparagraph: 

4 ‘‘(B) INFORMATION TO BE INCLUDED.— 

5 The information under subparagraph (A) shall 

6 include, as of a date designated by the Board— 

7 ‘‘(i) a list of each type of transaction 

8 or event for which one or more of the card 

9 issuers has imposed a separate interest 

10 rate upon a cardholder, including pur11 chases, cash advances, and balance trans12 fers; 

13 ‘‘(ii) for each type of transaction or 

14 event identified under clause (i)— 

15 ‘‘(I) each distinct interest rate 

16 charged by the card issuer to a card17 holder, as of the designated date; and 

18 ‘‘(II) the number of cardholders 

19 to whom each such interest rate was 

20 applied during the calendar month im21 mediately preceding the designated 

22 date, and the total amount of interest 

23 charged to such cardholders at each 

24 such rate during such month; 


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1 ‘‘(iii) a list of each type of fee that 

2 one or more of the card issuers has im3 posed upon a cardholder as of the des4 ignated date, including any fee imposed for 

5 obtaining a cash advance, making a late 

6 payment, exceeding the credit limit on an 

7 account, making a balance transfer, or ex8 changing United States dollars for foreign 

9 currency; 

10 ‘‘(iv) for each type of fee identified 

11 under clause (iii), the number of card12 holders upon whom the fee was imposed 

13 during the calendar month immediately 

14 preceding the designated date, and the 

15 total amount of fees imposed upon card16 holders during such month; 

17 ‘‘(v) the total number of cardholders 

18 that incurred any interest charge or any 

19 fee during the calendar month immediately 

20 preceding the designated date; and 

21 ‘‘(vi) any other information related to 

22 interest rates, fees, or other charges that 

23 the Board deems of interest.’’; and 

24 (2) by adding at the end the following new 

25 paragraph: 


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1 ‘‘(5) REPORT TO CONGRESS.—The Board shall, 

2 on an annual basis, transmit to Congress and make 

3 public a report containing estimates by the Board of 

4 the approximate, relative percentage of income de5 rived by the credit card operations of depository in6 stitutions from— 

7 ‘‘(A) the imposition of interest rates on 

8 cardholders, including separate estimates for— 

9 ‘‘(i) interest with an annual percent10 age rate of less than 25 percent; and 

11 ‘‘(ii) interest with an annual percent12 age rate equal to or greater than 25 per13 cent; 

14 ‘‘(B) the imposition of fees on cardholders; 

15 ‘‘(C) the imposition of fees on merchants; 

16 and 

17 ‘‘(D) any other material source of income, 

18 while specifying the nature of that income.’’. 

19 SEC. 6. STANDARDS APPLICABLE TO INITIAL ISSUANCE OF 

20 SUBPRIME OR ‘‘FEE HARVESTER’’ CARDS. 

21 Section 127B of the Truth in Lending Act is amend22 ed by inserting after subsection (l) (as added by section 

23 4) the following new subsection: 

24 ‘‘(m) STANDARDS APPLICABLE TO INITIAL ISSUANCE

25 OF SUBPRIME OR ‘FEE HARVESTER’ CARDS.—In the case 


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1 of any credit card account under an open end consumer 

2 credit plan the terms of which require the payment of fees 

3 (other than late fees or over-the-limit fees) by the con4 sumer in the first year the account is opened in an amount 

5 in excess of 25 percent of the total amount of credit au6 thorized under the account, the credit card may not be 

7 issued to the consumer and the opening of the account 

8 may not be reported to any consumer reporting agency 

9 (as defined in section 603) until the creditor receives pay10 ment in full of all such fees, and such payment may not 

11 be made from the credit made available by the card.’’. 

12 SEC. 7. EFFECTIVE DATE. 

13 (a) IN GENERAL.—The amendments made by this 

14 Act shall apply to all credit card accounts under open end 

15 consumer credit plans as of the end of the 1-year period 

16 beginning on the date of the enactment of this Act. 

17 (b) REGULATIONS.—The Board of Governors of the 

18 Federal Reserve System, in consultation with all Federal 

19 agencies referred to in any provision of section 108 of the 

20 Truth in Lending Act, shall prescribe regulations, in final 

21 form, implementing the amendments made by this Act be22 fore the end of the 6-month period beginning on the date 

23 of the enactment of this Act. 

Æ 


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