IV
104TH CONGRESS
1ST SESSION
H. RES. 110
Affirming the support of the House of Representatives for the American
Consumer Banking Bill of Rights.
IN THE HOUSE OF REPRESENTATIVES
MARCH 9, 1995
Mr. GONZALEZ (for himself, Mr. LAFALCE, Mr. VENTO, Mr. SCHUMER, Mr.
KENNEDY of Massachusetts, Mr. FLAKE, Mr. MFUME, Ms. WATERS, Mr.
SANDERS, Mrs. MALONEY, Mr. GUTIERREZ, Ms. ROYBAL-ALLARD, Mr.
BARRETT of Wisconsin, Ms. VELA´ZQUEZ, Mr. WYNN, Mr. FIELDS of
Louisiana, Mr. WATT of North Carolina, Mr. HINCHEY, and Mr. ACKER-
MAN) submitted the following resolution; which was referred to the Com-
mittee on Banking and Financial Services
RESOLUTION
Affirming the support of the House of Representatives for
the American Consumer Banking Bill of Rights.
Whereas efforts are underway in the 104th Congress to re-
duce and abolish many cherished consumer safeguards
and legal protections for American citizens in the daily
conduct of their financial affairs;
Whereas such efforts would have a disproportionate and ad-
verse impact on moderate- and middle-income Americans;
Whereas such legal protections, financial rights, and
consumer safeguards contained in various Acts of Con-
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gress have contributed significantly to the financial cer-
tainty and well-being of all Americans;
Whereas the repeal or dilution of such consumer safeguards
and legal protections would subject Americans to in-
creased risk of fraud, financial loss, and discrimination;
and
Whereas regulations may warrant review for the purpose of
streamlining and increasing their efficiency and effective-
ness, those regulations that go to the heart of consumer
safeguards in financial services warrant protection: Now,
therefore, be it
Resolved, That the House of Representatives affirms
its continued support for the rights and protections grant-
ed and assured to all Americans in the conduct of their
financial affairs by various Acts of Congress, including the
following:
(1) The right to a safe and sound banking sys-
tem, without fear of additional taxpayer bailouts, in-
cluding the right of consumers with deposits in fed-
erally insured institutions to have their funds safe-
guarded through competent and sound examination
and supervision.
(2) The right to meaningful, uniform credit-
term disclosures, including the right to know, in ad-
vance, all of the costs of getting a mortgage, a credit
card, or any other type of credit extension or loan,
the right to know these costs in simple, uniform
•HRES 110 IH
terms so that consumers can comparison shop before
they take out a loan or purchase credit, and the
right to cancel a loan when the important terms
have not been properly disclosed and a consumer’s
home is at risk.
(3) The right to equal access to credit, includ-
ing the right to credit extension based on objective
criteria relating to a consumer’s creditworthiness
and without regard to the consumer’s race, color, re-
ligion, national origin, sex, marital status, or age.
(4) The right to have banks reinvest and pro-
vide essential services in their local neighborhoods.
(5) The right to expedited access to funds, in-
cluding the right to the use of income from a local
check within 1 business day of deposit.
(6) The right to fair and accurate savings ac-
counts terms, including the right to earn interest on
all of the money in an interest-bearing account, and
the right to know the rates and terms of interest on
these accounts.
(7) The right to have an accurate and secure
credit history, including the right to have accurate
credit reports, and the right to maintain the privacy
of sensitive financial information.
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(8) The right to be free of abusive and unfair
debt collection practices.
(9) The right to protection against unauthor-
ized use of credit cards and debit cards, including
the right to limited consumer liability of no more
than $50 when the loss of or the unauthorized use
of any such card is promptly reported to the credi-
tor.
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