H. R. 627—17 
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 condi-
tions of all business, marketing, and promotional agree-
ments and college affinity card agreements with an institu-
tion 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 deter-
mined; 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 edu-
cation 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.—
H. R. 627—18 
(1) STUDY.—The Comptroller General of the United States 
shall, from time to time, review the reports submitted by credi-
tors 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 para-
graph (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 administra-
tive 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 certifi-
cate, 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 affili-
ated 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
H. R. 627—19 
‘‘(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 affili-
ated 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 peri-
odic 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 pre-
paid 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 certifi-
cate, store gift card, or general-use prepaid card, if—
H. R. 627—20 
‘‘(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 require-
ments 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 gen-
eral-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 conspicu-
ously 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 appro-
priate 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
H. R. 627—21 
‘‘(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 redesig-
nated 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 inter-
change 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
H. R. 627—22 
(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 REGULA-
TIONS. 
(a) REQUIRED REVIEW.—Not later than 2 years after the effec-
tive 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 nec-
essary. 
(2) REVISION OF REVIEW PERIOD FOLLOWING MATERIAL REVI-
SION 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
H. R. 627—23 
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 pro-
vided 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 regula-
tions 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 ‘‘Regula-
tion 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.—Regula-
tions 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: 
‘‘§ 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 proce-
dures 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.’’.
H. R. 627—24 
(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 CON-
SUMER. 
(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 Fed-
eral 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 prac-
tices described in subsection (a); 
(2) the extent to which the practices described in subsection 
(a) have an adverse impact on minority or low-income con-
sumers; 
(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;
H. R. 627—25 
(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 sub-
section (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—
H. R. 627—26 
(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 Administra-
tion 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 rec-
ommendations to the Administrator relating to developing addi-
tional 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 car-
rying 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 Adminis-
trator, in consultation with appropriate nongovernmental 
organizations, entities, or persons. 
(2) MEMBERS.—
H. R. 627—28 
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 subsist-
ence, 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 mem-
bers 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 para-
graph (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.
H. R. 627—29 
SEC. 508. STUDY AND REPORT ON EMERGENCY PIN TECHNOLOGY. 
(a) IN GENERAL.—The Federal Trade Commission, in consulta-
tion 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 enforce-
ment 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 enact-
ment 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 sec-
tion 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 agree-
ments 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
H. R. 627—30 
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 edu-
cation 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 eco-
nomic literacy education programs and annual funding to 
support these programs; 
(D) the current financial and economic literacy edu-
cation needs of adults, and in particular, low- and mod-
erate-income adults; 
(E) ways to incorporate and disseminate best practices 
and high quality curricula in financial and economic lit-
eracy education; and 
(F) specific recommendations on sources of revenue 
to support financial and economic literacy education activi-
ties 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 evalua-
tions 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 sub-
section (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:
H. R. 627—31 
‘‘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 modifica-
tion 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 Commis-
sion. 
‘‘(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 con-
siders appropriate.’’; and 
(B) in paragraphs (2), (3), and (6), by striking ‘‘Commis-
sion’’ 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’’.