I 
112TH CONGRESS 
2D SESSION 
H. R. 4084 
To amend the Truth in Lending Act to establish a national usury rate 
for consumer credit card accounts under open end consumer credit plans, 
and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
FEBRUARY 17, 2012 
Mr. TIERNEY (for himself, Ms. SLAUGHTER, Mr. DEFAZIO, Mr. GEORGE MIL-
LER of California, Mr. MCGOVERN, Mr. JACKSON of Illinois, Mr. VIS-
CLOSKY, Mr. KUCINICH, Mr. WELCH, Ms. KAPTUR, Ms. SCHAKOWSKY, 
Ms. HIRONO, and Mr. GRIJALVA) introduced the following bill; which was 
referred to the Committee on Financial Services, and in addition to the 
Committee on Rules, for a period to be subsequently determined by the 
Speaker, in each case for consideration of such provisions as fall within 
the jurisdiction of the committee concerned 
A BILL 
To amend the Truth in Lending Act to establish a national 
usury rate for consumer credit card accounts under open 
end consumer credit plans, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Restoring America’s 
Commitment to Consumers Act of 2012’’. 
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SEC. 2. NATIONAL CREDIT CARD USURY RATE. 
Section 107 of the Truth in Lending Act (15 U.S.C. 
1606) is amended by adding at the end the following new 
subsection: 
‘‘(f) NATIONAL CONSUMER CREDIT USURY RATE.— 
‘‘(1) LIMITATION
ESTABLISHED.—Except as 
provided in paragraph (3) and notwithstanding sub-
section (a) or any other provision of law, the annual 
percentage rate applicable to any extension of credit 
under, or any outstanding balance on, any credit 
card account under an open end consumer credit 
plan may not exceed 16 percent. 
‘‘(2) INCLUSION OF CERTAIN FEES IN DETER-
MINING APR.—In determining the annual percentage 
rate applicable to any extension of credit under, or 
any outstanding balance on, any credit card account 
under an open end consumer credit plan for pur-
poses of paragraph (1), any fee compensating a 
creditor or prospective creditor for opening or main-
taining the account or for an extension of credit or 
making available a line of credit, such as a member-
ship fee, or an annual fee shall be included in the 
finance charge for purposes of section 107. 
‘‘(3) ADJUSTMENTS.— 
‘‘(A) IN GENERAL.—Subject to paragraphs 
(4) and (6), the Board may make adjustments 
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to the maximum annual percentage rate limita-
tion under paragraph (1) when any such adjust-
ment is in the public interest and economic con-
ditions warrant to the extent the limitation, 
after the adjustment, continues to fully protect 
consumers from exploitive and unreasonable 
lending practices. 
‘‘(B) 
PRESUMPTION
CONCERNING
IN-
CREASES.—Any increase in the maximum an-
nual percentage rate limitation under para-
graph (1) shall be presumed to not be in the 
public interest unless the Board determines, 
after opportunity for comment, that severe eco-
nomic conditions exist to justify an increase in 
such limitation, taking into account the pre-
vailing bank prime rates, the rates in effect for 
overnight loans to member banks (as defined in 
section 3 of the Federal Deposit Insurance Act) 
and statistical information the Board deter-
mines to be relevant. 
‘‘(4) NOTICE TO THE CONGRESS.—Upon mak-
ing any adjustment to the maximum annual percent-
age rate limitation in effect under paragraph (1), 
the Board shall promptly submit a notice of such ad-
justment to the Congress. 
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‘‘(5) HEARING.— 
‘‘(A) IN GENERAL.—After receipt by the 
House of Representatives of a notice from the 
Board pursuant to paragraph (4) of an adjust-
ment to the maximum annual percentage rate 
limitation in effect under paragraph (1), the 
Committee on Financial Services of the House 
of Representatives shall promptly conduct a 
hearing on such adjustment. 
‘‘(B) RULES OF HOUSE OF REPRESENTA-
TIVES.—The provisions of subparagraph (A) 
are enacted— 
‘‘(i) as an exercise of the rulemaking 
power of the House of Representatives, 
and, as such, they shall be considered as 
part of the rules of the House, and such 
rules shall supersede any other rule of the 
House only to the extent that rule is incon-
sistent therewith; and 
‘‘(ii) with full recognition of the con-
stitutional right of the House to change 
such rules (so far as relating to the proce-
dure in the House) at any time, in the 
same manner, and to the same extent as in 
the case of any other rule of the House. 
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‘‘(6) DELAYED EFFECTIVE DATE OF ANY IN-
CREASE.—An increase, in accordance with para-
graph (3)(B), in the maximum annual percentage 
rate limitation under paragraph (1)— 
‘‘(A) may not take effect before the end of 
the 90-day period beginning on the date the no-
tice to the Congress is submitted by the Board 
under paragraph (4); and 
‘‘(B) shall cease to be effective as of the 
date of the enactment of a joint resolution with 
respect to such increase. 
‘‘(7) CLARIFICATION
OF
CONGRESSIONAL
IN-
TENT.— 
‘‘(A) NO ENDORSEMENT OF 16 PERCENT 
CREDIT
CARD
RATES.—No provision of this 
subsection may be construed as an endorsement 
by Congress of an interest rate of 16 percent on 
credit card accounts to which paragraph (1) ap-
plies. 
‘‘(B) RATES MOST ADVANTAGEOUS TO THE 
BORROWER.—It is the intention of the Congress 
in enacting this subsection that— 
‘‘(i) the maximum annual percentage 
rate limitation under paragraph (1) should 
merely serve as a ceiling on the annual 
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percentage rate applicable consumer credit 
cards and few, if any, consumer credit card 
accounts would ever bear the maximum 
rate; and 
‘‘(ii) consumer credit card issuers 
should strive to maintain the rates on con-
sumer credit card accounts that are the 
most advantageous to borrowers. 
‘‘(8) UNFAIR AND DECEPTIVE ACT OR PRAC-
TICE.—In the case of any credit card account under 
an open end consumer credit plan which, as of Feb-
ruary 8, 2012, bears an annual percentage rate that 
is less than 16 percent, any increase in the annual 
percentage on such account during the period begin-
ning on February 8, 2012, and ending at the end of 
the 60-day period beginning on the date of the en-
actment of the Restoring America’s Commitment to 
Consumers Act of 2012 shall be treated by the agen-
cy with jurisdiction over the creditor under section 
108 as an unfair or deceptive act or practice. 
‘‘(9) DEFINITION.—In this subsection, the term 
‘joint resolution’ means only a joint resolution— 
‘‘(A) which does not have a preamble; 
‘‘(B) the title of which is as follows: ‘Joint 
resolution relating to the increase in the inter-
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est rates on credit card accounts pursuant to 
section 107(f)(3) of the Truth in Lending Act.’; 
and 
‘‘(C) the sole matter after the resolving 
clause of which is as follows: ‘That the Con-
gress disapproves of any increase, pursuant to 
section 107(f)(3) in the maximum annual per-
centage rate limitation applicable to any exten-
sion of credit under, or any outstanding balance 
on, any credit card account under an open end 
consumer credit plan, notice of which was 
transmitted to the Congress on lllll by 
the Board of Governors of the Federal Reserve 
System’, the blank space being filled with the 
appropriate date.’’. 
SEC. 3. CAP ON CERTAIN CREDIT CARD ACCOUNT FEES. 
(a) IN GENERAL.—Chapter 3 of the Truth in Lend-
ing Act (15 U.S.C. 1661 et seq.) is amended by inserting 
after section 150 (as added by section 109(a) of the Credit 
Card Accountability Responsibility and Disclosure Act of 
2009) the following new section: 
‘‘SEC. 151. CAP ON CERTAIN CREDIT CARD ACCOUNT FEES. 
‘‘(a) IN GENERAL.—Except as provided in subsection 
(b), the amount of any fee that a card issuer may impose 
with respect to a credit card account under an open end 
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consumer credit plan, including any fee for default or 
breach by a borrower of a condition upon which credit was 
extended, such as a late fee, creditor-imposed not suffi-
cient funds fee charged when a borrower tenders payment 
on a debt with a check drawn on insufficient funds, over-
draft fee, and over-the-limit transaction fee, or other 
charge that a card issuer may impose with respect to a 
credit card account under an open end consumer credit 
plan may not exceed $15. 
‘‘(b) EXCEPTION FOR FEES TAKEN INTO ACCOUNT 
UNDER SECTION 107(f)(2).—Subsection (a) shall not 
apply with respect to any fee taken into account pursuant 
to subsection (f)(2) of section 107.’’. 
(b) CLERICAL AMENDMENT.—The table of sections 
for chapter 3 of the Truth in Lending Act is amended 
by inserting after the item relating to section 150 (as 
added by section 109(b) of the Credit Card Accountability 
Responsibility and Disclosure Act of 2009) the following 
new item: 
‘‘151. Cap on certain credit card account fees.’’. 
SEC. 4. CLARIFICATION OF COORDINATION WITH STATE 
LAW. 
The first sentence of section 111(a)(1) of the Truth 
in Lending Act (15 U.S.C. 1610(a)(1)) is amended by 
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striking ‘‘the disclosure of information in connection 
with’’. 
Æ 
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