creditor as of the end of the semiannual 
period. 
‘‘(vii) The total number and value of 
cash advances made during the semiannual 
period under a consumer credit card ac-
count. 
‘‘(viii) The total number and value of 
purchases involving or constituting con-
sumer credit card transactions during the 
semiannual period. 
‘‘(ix) The total number and amount of 
repayments on outstanding balances on 
consumer credit card accounts in each 
month of the semiannual period. 
‘‘(x) The percentage of all consumer 
credit card accountholders (with respect to 
any creditor) who— 
‘‘(I) incurred a finance charge in 
each month of the semiannual period 
on any portion of an outstanding bal-
ance on which a finance charge had 
not previously been incurred; and 
‘‘(II) incurred any such finance 
charge at any time during the semi-
annual period.
‘‘(xi) The total number and amount of 
balances accruing finance charges during 
the semiannual period. 
‘‘(xii) The total number and amount 
of the outstanding balances on consumer 
credit card accounts as of the end of such 
semiannual period. 
‘‘(xiii) Total credit limits in effect on 
consumer credit card accounts as of the 
end of such semiannual period and the 
amount by which such credit limits exceed 
the credit limits in effect as of the begin-
ning of such period. 
‘‘(xiv) Any other information related 
to interest rates, fees, or other charges 
that the Board deems of interest.’’; and 
(2) by adding at the end the following new 
paragraph: 
‘‘(5) REPORT TO CONGRESS.—The Board shall, 
on an annual basis, transmit to Congress and make 
public a report containing estimates by the Board of 
the approximate, relative percentage of income de-
rived by the credit card operations of depository in-
stitutions from—
‘‘(A) the imposition of interest rates on 
cardholders, including separate estimates for— 
‘‘(i) interest with an annual percent-
age rate of less than 25 percent; and 
‘‘(ii) interest with an annual percent-
age rate equal to or greater than 25 per-
cent; 
‘‘(B) the imposition of fees on cardholders; 
‘‘(C) the imposition of fees on merchants; 
and 
‘‘(D) any other material source of income, 
while specifying the nature of that income.’’. 
SEC. 6. STANDARDS APPLICABLE TO INITIAL ISSUANCE OF 
SUBPRIME OR ‘‘FEE HARVESTER’’ CARDS. 
Section 127B of the Truth in Lending Act is amend-
ed by inserting after subsection (m) (as added by section 
4) the following new subsection: 
‘‘(n) STANDARDS APPLICABLE TO INITIAL ISSUANCE 
OF SUBPRIME OR ‘FEE HARVESTER’ CARDS.— 
‘‘(1) IN GENERAL.—In the case of any credit 
card account under an open end consumer credit 
plan the terms of which require the payment of fees 
(other than late fees or over-the-limit fees) by the 
consumer in the first year the account is opened in 
an amount in excess of 25 percent of the total
amount of credit authorized under the account, no 
payment of any fees (other than late fees or over- 
the-limit fees) may be made from the credit made 
available by the card. 
‘‘(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. 7. EXTENSIONS OF CREDIT TO UNDERAGE CON-
SUMERS. 
Section 127(c) of the Truth in Lending Act (15 
U.S.C. 1637(c)) is amended by adding at the end the fol-
lowing new paragraph: 
‘‘(8) EXTENSIONS
OF
CREDIT
TO
UNDERAGE 
CONSUMERS.— 
‘‘(A) IN GENERAL.—No credit card may be 
knowingly issued to, or open end credit plan es-
tablished on behalf of, a consumer who has not 
attained the age of 18, unless the consumer is 
emancipated under applicable State law. 
‘‘(B) RULE OF CONSTRUCTION.—For the 
purposes of determining the age of an appli-
cant, the submission of a signed application by 
a consumer stating that the consumer is over 
18 shall be considered sufficient proof of age.’’.
SEC. 8. EFFECTIVE DATE. 
(a) IN GENERAL.—The amendments made by this 
Act shall apply to all credit card accounts under open end 
consumer credit plans as of the end of the 1-year period 
beginning on the date of the enactment of this Act. 
(b) REGULATIONS.—The Board of Governors of the 
Federal Reserve System, in consultation with the Comp-
troller 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 prescribe regulations, in 
final form, implementing the amendments made by this 
Act before the end of the 6-month period beginning on 
the date of the enactment of this Act, except that it is 
the sense of the Congress that no provision of this Act 
should impede the promulgation of regulations in final 
form under laws in effect on the day before such date of 
enactment and that such regulations should be prescribed 
in final form on or before December 31, 2008, and should 
apply to credit card transactions under any open end con-
sumer credit plan after the end of the 30-day period begin-