Top Legislation - View All
Also tagged in: Administrative fees, Administrative procedure, Afghanistan, Aged, Agriculture, Air conditioning, Air pollution, Air travel, Alaska, Alcohol as fuel, Algae, Alternative energy sources, American investments, Animals, Apartment houses, Appropriations, Armed forces, Armed forces abroad, Armed forces reserves, Auditing, Authorization, Automobile engines, Automobile industry, Bicycles, Biological research, Biomass energy, Block grants, Bonds, Budgets, Building construction, Building laws, Burns, Business, Canals, Capital investments, Capitol (Washington, D.C.), Carbon cycle, Carbon dioxide, Cellulose, China, Climate change, Coast guard, Coastal zone, Colorado, Commercialization, Community development banking, Computer software, Condominium (Housing), Congress, Congressional investigations, Congressional reporting requirements, Conservation easements, Construction industries, Construction workers, Consumer education, Consumer protection, Consumers, Counseling, Curricula, 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Latest Action: 07/23/2008 - Pursuant to the provisions of H. Res. 1363, Mr. Frank called up H.R. 3221 from the Speaker's table and was recognized for a motion. Bill TextA bill to provide needed housing reform and for other purposes. 4/10/2008--Passed Senate amended. (There are 2 other summaries) Foreclosure Prevention Act of 2008 - Title I: FHA Modernization Act of 2008 - FHA Modernization Act of 2008 - Subtitle A: Building American Homeownership - Building American Homeownership Act of 2008 - (Sec. 112) Amends the National Housing Act (NHA) to revise mortgage insurance eligibility requirements. Alters the respective formulas to increase the percentages of the maximum principal loan obligations applicable to family residences located in: (1) the United States; and (2) Alaska, Guam, Hawaii, or the Virgin Islands. Prohibits the maximum principal loan obligation from exceeding 100% of the appraised value of the property. (Sec. 113) Increases from 3% to 3.5% of the appraised value of a property the mortgagor's required cash (or equivalent) investment (downpayment). Prohibits any funds for such [...] show full description
Also tagged in: Actions and defenses, Administrative procedure, Business, Congress, Congressional reporting requirements, Consumer protection, Consumers, Criminal justice, Damages, Executive departments, Federal preemption, Federal Trade Commission, Federal-state relations, Finance, Fines (Penalties), Fraud, Governmental investigations, Identification devices, Identity theft, Independent regulatory commissions, Injunctions, Internet, Law, Parties to actions, Restrictive trade practices, Social security, Social security numbers, State and local government, Technology, Telecommunication, Web sites
Latest Action: 07/11/2008 - House Committee on Ways and Means Granted an extension for further consideration ending not later than Sept. 12, 2008. Bill TextTo strengthen the authority of the Federal Government to protect individuals from certain acts and practices in the sale and purchase of Social Security numbers and Social Security account numbers, and for other purposes. 6/13/2007--Reported to House amended, Part I. (There is 1 other summary) Social Security Number Protection Act of 2007 - Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act (SSA) to make it unlawful for any person, except in certain circumstances, to: (1) intentionally display the Social Security number of another individual on a website generally accessible to the public or providing an individual with access to another individual's Social Security number through the Internet; (2) require an individual who is a customer of or member associated with such person to use the individual's Social Security number as a password for access to any good or service, including any account or protected access [...] show full description
Also tagged in: Auditing, Bank records, Business, Cartels, Checks, Civil liberties, Conspiracy, Consumers, Counterfeiting, Credit bureaus, Criminal investigation, Criminal justice, Electronic funds transfers, Extraterritoriality, Finance, Foreign banks and banking, Forgery, Government securities, Grand jury, Indictments, Intelligence activities, International finance, Law, Money laundering, Obstruction of justice, Prosecution, Right of privacy, Secret service, Securities, Smuggling, Subpoena, Technology, Telecommunication, Undercover operations
Latest Action: 02/01/2007 - Sponsor introductory remarks on measure. (CR S1523-1524) Bill TextA bill to improve the prohibitions on money laundering, and for other purposes. 2/1/2007--Introduced. Combating Money Laundering and Terrorist Financing Act of 2007 - Amends money laundering provisions of the federal criminal code to redefine "specified unlawful activity" as: (1) any act constituting an offense in violation of the laws of the United States or any State punishable by imprisonment for a term exceeding 1 year; and (2) any act occurring outside of the United States that would constitute such an offense if committed within U.S. jurisdiction. Revises the procedure for issuing subpoenas in money laundering cases. Assigns a standard value to monetary instruments payable to bearer in blank (with no amount indicated on the instrument). Increases the penalty for bulk cash smuggling in or out of the United States from five to 10 years. Redefines money laundering transactions involving amounts greater than $10,000 to include commingling [...] show full description
Latest Action: 11/06/2007 - Received in the Senate and Read twice and referred to the Committee on Veterans' Affairs. Bill TextA bill to amend the Servicemembers Civil Relief Act to enhance the protection of credit ratings of members of the reserve component who serve on active duty in support of a contingency operation, and for other purposes. 11/5/2007--Passed House amended. (There is 1 other summary) National Heroes Credit Protection Act - Amends the Soldiers' and Sailors' Civil Relief Act of 1940 to authorize a member of the reserves who is deployed outside the United States for 180 days or more in support of a contingency operation (servicemember) to request that a consumer reporting agency (CRA) include in that servicemember's file a military service deployment explanation (explanation) with respect to an account that was opened by the servicemember before such deployment. Requires: (1) a reseller of credit reporting information to include in any report on a servicemember any explanation placed in such servicemember's file by another CRA; and (2) any user of a [...] show full description
Also tagged in: Administrative remedies, Bankruptcy, Collection of accounts, Consumers, Counseling, Credit bureaus, Debtor and creditor, Earnings, Education, Employment, Fees, Finance, Government information, Government publicity, Governmental investigations, Higher education, Interest rates, Labor, Law, Loan defaults, Social services, Student loan funds
Latest Action: 02/07/2007 - Sponsor introductory remarks on measure. (CR S1711) Bill TextA bill to provide student borrowers with basic rights, including the right to timely information about their loans and the right to make fair and reasonable loan payments, and for other purposes. 2/7/2007--Introduced. Student Borrower Bill of Rights Act of 2007 - Urges the Department of Education to enforce vigorously rules requiring lenders to complete lender verification certificates in a timely manner for borrowers seeking to consolidate loans. Amends the Higher Education Act of 1965 to require specified loan participants under the Federal Family Education Loan (FFEL) and Federal Perkins Loan programs to disclose to each national credit bureau organization any on-time payments made for such loans and their status as student loans. Requires FFEL consolidation loan borrowers or lenders to pay the Department 1% of the balance owed on the sum of such loans to obtain a subsequent FFEL consolidation loan. Allows borrowers to refinance Federal Direct Consolidation [...] show full description
Also tagged in: Administrative procedure, Armed forces, Auditing, Budgets, Checks, Consumer discounts, Consumers, Credit bureaus, Credit cards, Defense contracts, Defense economics, Defense procurement, Department of Defense, Disciplining of employees, Dismissal of employees, Employee training, Executive departments, Federal employees, Finance, Fraud, General Services Administration, Government employees, Government information, Government paperwork, Government procurement, Government travel, Inspectors general, Interest, Job training, Law, Misconduct in office, Negligence, Public contracts, Rebates, Risk, Technology, Transfer of employees, Transportation, Travel costs, Waste in government spending
Latest Action: 04/10/2008 - Committee on Homeland Security and Governmental Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably. Bill TextA bill to prevent abuse of Government credit cards. 3/7/2007--Introduced. Government Credit Card Abuse Prevention Act of 2007 - Directs each executive agency (with separate Department of Defense (DOD) requirements) and amends the Travel and Transportation Reform Act of 1998 to require specified credit card and convenience card controls and safeguards, including risk assessment analyses, audits, and the reporting of such analyses and audits.
Latest Action: 03/07/2007 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Bill TextA bill to give consumers tools to protect themselves from ID theft by allowing them to prevent unauthorized access to their credit reports, and for other purposes. 3/7/2007--Introduced. Consumer ID Protection and Security Act - Authorizes a consumer to place a security freeze on his or her credit report by making a request to a consumer credit reporting agency in writing, by telephone, or through a secure electronic connection if such a connection is made available by the agency, subject to specified requirements. Directs that any violation of this Act be treated as an unfair or deceptive act or practice proscribed under a rule issued pursuant to the Federal Trade Commission Act.
Latest Action: 04/12/2007 - Referred to the Subcommittee on Financial Institutions and Consumer Credit. Bill TextTo amend the Truth in Lending Act to prohibit fees by creditors for payments on credit card accounts by electronic fund transfers, and for other purposes. 2/7/2007--Introduced. Credit Card Payment Fee Act of 2007 - Amends the Truth in Lending Act to prohibit a creditor, in the case of a credit card account under an open end consumer credit plan, from imposing a fee based on the manner in which payment on the account is made, including a fee for making any such payment by electronic fund transfer.
Also tagged in: Actions and defenses, Administrative procedure, Business, Business records, Civil liberties, Communications, Computer security measures, Congress, Consumer education, Consumer protection, Consumers, Cost effectiveness, Credit bureaus, Criminal justice, Electronic data interchange, Electronic mail systems, Encryption, Evidence (Law), Executive departments, Federal preemption, Federal Trade Commission, Finance, Fines (Penalties), Fraud, Government information, Government paperwork, Governmental investigations, Health information systems, Health policy, Identification devices, Identity theft, Independent regulatory commissions, Information services, Injunctions, Interactive media, Internet, Language and languages, Law, Medical care, Medical records, Medicine, Parties to actions, Right of privacy, Security measures, Standards, State and local government, Sunset legislation, Technology, Telecommunication, Telecommunication industry, Telephone, Web sites
Latest Action: 02/09/2007 - Referred to the Subcommittee on Commerce, Trade and Consumer Protection. Bill TextTo protect consumers by requiring reasonable security policies and procedures to protect computerized data containing personal information, and to provide for nationwide notice in the event of a security breach. 2/8/2007--Introduced. Data Accountability and Trust Act - Requires the Federal Trade Commission ( FTC) to promulgate regulations requiring each person engaged in interstate commerce that owns or possesses electronic data containing personal information to establish security policies and procedures. Authorizes the FTC to require a standard method or methods for destroying obsolete nonelectronic data. Requires information brokers to submit their security policies to the FTC in conjunction with a security breach notification or on FTC request. Requires the FTC to conduct or require an audit of security practices when information brokers are required to provide notification of such a breach. Authorizes additional audits after a breach. Requires information [...] show full description
Also tagged in: Actions and defenses, Administrative procedure, Advertising, Business, Business records, Communications, Consumer education, Consumer protection, Consumers, Contracts, Criminal justice, Criminal liability, Damages, Deceptive advertising, District courts, Evidence (Law), Executive departments, Federal preemption, Federal reserve system, Federal Trade Commission, Fees, Finance, Financial statements, Fines (Penalties), Fraud, Garnishment, Government information, Government liability, Government paperwork, Independent regulatory commissions, Injunctions, Insurance premiums, Labeling, Labor, Law, Lease and rental services, Leases, Liability (Law), Liability insurance, Limitation of actions, Maintenance and repair, Negotiable instruments, Parties to actions, Prices, Property insurance, Rent, Restrictive trade practices, Small business, State and local government, State laws, Surety and fidelity, Taxation, Warranties
Latest Action: 03/28/2007 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Bill TextA bill to amend the Consumer Credit Protection Act to assure meaningful disclosures of the terms of rental-purchase agreements, including disclosures of all costs to consumers under such agreements, to provide certain substantive rights to consumers under such agreements, and for other purposes. 3/28/2007--Introduced. Consumer Rental-Purchase Agreement Act of 2007 - Amends the Consumer Credit Protection Act to prescribe consumer protection guidelines for rental-purchase transactions, including: (1) the determination of rental-purchase cost; (2) disclosure requirements; (3) prohibitions against confessions of judgment, wage assignments, and waiver of consumer claims or defenses; (4) furnishing of statements of account; (5) point-of-rental disclosures; and (6) rental-purchase advertising disclosures. Declares that an action for civil liability may be brought against a merchant's assignee only if the violation is apparent on the face of a rental-purchase agreement to which [...] show full description
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Latest Legislation - View All
Also tagged in: Black colleges, Business, College administration, College costs, Communications, Community development banking, Conflict of interests, Congress, Congressional investigations, Congressional reporting requirements, Consumer education, Consumers, Debtor and creditor, Education, Emblems, Finance, Gifts, Higher education, Law, Liability (Law), Minorities, Personal budgets, Restrictive trade practices, School personnel, Signs and symbols, Student aid, Student loan funds, Students
Latest Action: 04/21/2008 - Committee on Banking, Housing, and Urban Affairs. Original measure reported to Senate by Senator Dodd. With written report No. 110-327. Bill TextAn original bill to establish requirements for private lenders to protect student borrowers receiving private educational loans, and for other purposes. 4/21/2008--Reported to Senate without amendment. (There is 1 other summary) (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)Private Student Loan Transparency and Improvement Act of 2007 - Title I: Preventing Unfair and Deceptive Private Educational Lending Practices and Eliminating Conflicts of Interest - (Sec. 101) Amends the Truth in Lending Act to prohibit a private educational lender from: (1) offering or providing any gift to specified educational institutions or their personnel in exchange for any advantage or consideration provided to such lender related to its educational loan activities; or (2) engaging in revenue sharing with such institutions.Prohibits such lender from marketing loans [...] show full description
Also tagged in: Afghanistan, Armed forces, Consumers, Counseling, Defense policy, Finance, Foreclosure, Housing, Iraq, Iraq compilation, Middle East and North Africa, Military operations, Mortgages, Social services, South Asia, Veterans
Latest Action: 04/25/2008 - Referred to the Subcommittee on Military Personnel. Bill TextTo require the Secretary of Defense to establish a mortgage foreclosure counseling program for members of the Armed Forces returning from service abroad. 4/16/2008--Introduced. Veterans Mortgage Education Act of 2008 - Directs the Secretary of Defense to develop and implement a program to advise members of the Armed Forces who are returning from active duty abroad on actions to prevent or forestall mortgage foreclosures, including credit counseling and home mortgage counseling.
Also tagged in: Administrative procedure, Business, Consumer education, Consumers, Executive departments, Federal reserve system, Federal Trade Commission, Finance, Fines (Penalties), Housing, Independent regulatory commissions, Law, Mortgages, Real estate appraisal, Restrictive trade practices
Latest Action: 04/15/2008 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Bill TextA bill to diminish predatory lending by enhancing appraisal quality and standards, to improve appraisal oversight, to ensure mortgage appraiser independence, to provide for enhanced remedies and enforcement, and for other purposes. 4/15/2008--Introduced. Fair Value and Independent Appraisal Act - Amends the Truth in Lending Act to prohibit a creditor from extending a mortgage to any consumer without first obtaining a written appraisal of the property to be mortgaged, prepared in accordance with specified requirements. Requires a creditor to provide a copy of each such appraisal to the consumer without charge, at least three days prior to the transaction closing date. Declares unfair or deceptive specified property appraisal practices in the provision of: (1) mortgage lending services for a consumer credit transaction secured by the consumer's principal dwelling; or (2) any mortgage brokerage services for such a transaction. Establishes civil monetary penalties [...] show full description
Latest Action: 03/12/2008 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Bill TextA bill to protect consumers, and especially young consumers, from skyrocketing credit card debt, unfair credit card practices, and deceptive credit offers. 3/12/2008--Introduced. Credit Card Reform Act of 2008 - Amends the Fair Credit Reporting Act to permit a consumer reporting agency to furnish a consumer report in connection with any credit or insurance transaction that is not initiated by the consumer only if the report indicates that the consumer is age 21 or older. Allows 18-year olds to elect to have their name and address included in any agency list. Amends the Truth in Lending Act to prohibit a credit card issuer from changing the terms of a credit card under an open end consumer credit plan: (1) before the scheduled contract expiration or renewal date; and (2) until the issuer has published all contract changes in any mandatory disclosures. Establishes a cardholder right to repay all existing balances on a terminated or expired credit card account [...] show full description
Also tagged in: Administrative procedure, Afghanistan, Apartment houses, Armed forces, Bonds, Budgets, Condominium (Housing), Congress, Congressional investigations, Congressional reporting requirements, Consumers, Cooperative housing, Counseling, Damages, Defense policy, Department of the Treasury, Economic policy, Energy, Energy efficiency, Executive departments, Federal aid to housing, Federally-guaranteed loans, Fees, Finance, Foreclosure, Fraud, Government trust funds, Hawaiians, Home equity conversion, Home ownership, Housing, Income tax, Indexing (Economic policy), Indian housing, Insurance premiums, Iraq, Iraq compilation, Law, Leases, Liability (Law), Loan defaults, Losses, Middle East and North Africa, Military operations, Minimum tax, Minorities, Mobile homes, Mortgage guaranty insurance, Mortgage interest rates, Mortgages, Performance measurement, Rental housing, Residential rehabilitation, Single family housing, Social services, South Asia, Tax credits, Tax deductions, Taxation, Trusts and trustees, Veterans
Latest Action: 03/11/2008 - Star Print ordered on the bill. Bill TextA bill to aid families and neighborhoods facing home foreclosure and address the subprime mortgage crisis. 3/7/2008--Introduced. Security Against Foreclosures and Education Act, or the SAFE Act - Amends the Internal Revenue Code to allow proceeds of qualified mortgage bonds to be used to refinance certain residential subprime loans. Requires the Neighborhood Reinvestment Corporation to continue to award expeditiously certain funds already provided for mortgage foreclosure counseling. Amends the Code to allow purchasers of certain single-family principal residences a one-time tax credit. Amends the Truth in Lending Act to: (1) revise creditor mortgage loan disclosure requirements; and (2) increase civil damages for noncompliance with such Act. Amends the Code to: (1) allow a five-year carryback of net operating losses for certain taxable years; and (2) suspend through taxable year 2009 the 90% of alternative minimum taxable income limit for certain [...] show full description
Also tagged in: Affordable housing, Appropriations, Bankruptcy, Bonds, Budgets, Community development, Community development banking, Consumer education, Consumer protection, Consumers, Counseling, Damages, Debtor and creditor, Federal aid to housing, Fees, Finance, Foreclosure, Housing, Income tax, Infrastructure, Land banking, Law, Liability (Law), Loan defaults, Losses, Low-income housing, Minimum tax, Moderate income housing, Mortgage interest rates, Mortgages, Natural resources, Neighborhood Reinvestment Corporation, Public lands, Real estate appraisal, Residential rehabilitation, Social services, Tax deductions, Taxation, Welfare
Latest Action: 02/14/2008 - Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 577. Bill TextA bill to provide needed housing reform. 2/13/2008--Introduced. Foreclosure Prevention Act of 2008 - Amends the Internal Revenue Code to: (1) authorize use of the proceeds of a qualified mortgage bond issue to refinance a mortgage on a residence originally financed through a qualified subprime loan; (2) raise the ceiling and volume cap imposed upon certain state housing bonds; and (3) exclude from the meaning of tax preference item private activity bonds, for purposes of the alternative minimum tax, qualified mortgage bonds or veterans' mortgage bonds issued after enactment of this Act and before January 1, 2011. Makes FY2008 appropriations for: (1) emergency needs of states and local governmental units to redevelop certain abandoned and foreclosed homes; and (2) the Neighborhood Reinvestment Corporation for foreclosure mitigation activities, including grants for housing counseling. Helping Families Save Their Homes in Bankruptcy Act of 2008 - Authorizes a bankruptcy [...] show full description
Latest Action: 01/22/2008 - Sponsor introductory remarks on measure. (CR S105-107) Bill TextA bill to amend the Truth in Lending Act to provide for enhanced disclosure under an open end credit plan. 1/22/2008--Introduced. Credit Card Minimum Payment Notification Act of 2008 - Amends the Truth in Lending Act regarding disclosures required with each billing cycle under an open end consumer credit plan to require a credit card issuer to include in specified type a written statement in the following form: "Minimum Payment Warning: Making only the minimum payment will increase the interest you pay and the time it takes to repay your balance."Prescribes additional three-line statements disclosing the length of time it will take to pay off balances and the final cost to the consumer of interest rates charged.Requires disclosure of a toll-free telephone number to obtain an estimate in person rather than a recording of the time to repay the balance making only minimum payments and the total amount of those payments.Directs the Federal Trade [...] show full description
Also tagged in: Administrative procedure, Business, Commercial arbitration, Consumer protection, Consumers, Credit unions, Criminal justice, Damages, Department of Justice, Executive departments, Executive reorganization, Federal Bureau of Investigation (FBI), Federal Deposit Insurance Corporation, Federal law enforcement officers, Federal reserve system, Fees, Finance, Foreclosure, Fraud, Government corporations, Government employees, Housing, Insurance premiums, Law, Liability (Law), Loan defaults, Mortgage guaranty insurance, Mortgage interest rates, Mortgages, National Credit Union Administration, Property insurance, Property tax, Prosecution, Public prosecutors, Real estate appraisal, Restrictive trade practices, Settlement costs, Taxation
Latest Action: 12/12/2007 - Sponsor introductory remarks on measure. (CR S15235-15236) Bill TextA bill to amend the Truth in Lending Act to provide protection to consumers with respect to certain high-cost loans, and for other purposes. 12/12/2007--Introduced. Home Ownership Preservation and Protection Act of 2007 - Amends the Truth in Lending Act to redefine high-cost mortgages and attendant lending practices. Sets forth a new formula for points and fees for open-end loans, and provides for bona fide discount points. Prohibits: (1) prepayment penalties; (2) balloon payments; (3) yield spread premiums; (4) acceleration or debt; (5) evasions, structuring of transactions, and reciprocal arrangements; and (6) modification and deferral fees. Prohibits creditors from financing, in connection with a high-cost mortgage, any prepayment fee or penalty, or any points or fees. Prohibits an originator from making or arranging a high-cost mortgage loan that involves a refinancing of a prior existing home mortgage loan unless the new loan will provide a net tangible [...] show full description
Also tagged in: Budgets, Business, Business education, Colleges, Congressional reporting requirements, Consumer education, Consumers, Curricula, Data banks, Economic policy, Economic theory, Education, Education of the disadvantaged, Educational accountability, Educational innovations, Elementary and secondary education, Elementary education, Federal aid to education, Finance, Government information, Government paperwork, Higher education, Nonprofit organizations, Performance measurement, Personal budgets, Public contracts, Saving and investment, Secondary education, Social services, Teacher education, Teachers, Teaching, Teaching materials, Technology, Welfare, Youth
Latest Action: 02/05/2008 - Referred to the Subcommittee on Early Childhood, Elementary, and Secondary Education. Bill TextTo promote youth financial education. 12/6/2007--Introduced. Amends title VI (Flexibility and Accountability) of the Elementary and Secondary Education Act of 1965 (ESEA) to create a new Part D: Promoting Youth Financial Literacy. Allows the Secretary of Education to provide grants to states to: (1) assist local educational agencies and public schools provide financial education programs to students in kindergarten through grade 12; and (2) implement financial education professional development programs for teachers and administrators. Requires a specified amount of the grant funds to be awarded competitively each fiscal year, with the remainder provided to each state on the basis of its share of students in kindergarten through grade 12. Directs the Secretary to make a grant to or contract with an institution of higher education or nonprofit organization that has substantial financial education experience to establish and operate a national clearinghouse of [...] show full description
Latest Action: 12/05/2007 - Sponsor introductory remarks on measure. (CR S14789-14790) Bill TextA bill to require the establishment of a credit card safety star rating system for the benefit of consumers, and for other purposes. 12/5/2007--Introduced. Credit Card Safety Star Act of 2007 - Amends the Truth in Lending Act to direct the Board of Governors of the Federal Reserve System to promulgate rules to implement a Safety Star System, with one to five stars, to allow consumers to compare quickly and easily the terms, conditions, and levels of safety associated with various open end credit plan agreements. Specifies a point structure for rating credit cards. Assigns an automatic one-star rating (the lowest level of safety) to any open end credit plan: (1) that allows the card issuer to modify the terms of the agreement with a cardholder at any time or periodically for unspecified or unstated reasons; or (2) under which other accounts, or changes by a third party in the cardholder's credit rating, are used as a basis for adverse changes in the agreement [...]
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