Federal reserve system Legislation - Federal Government

To extend the protections of the Truth in Lending Act to overdraft protection programs and services provided by depository institutions, to require customer consent before a depository institution may initiate overdraft protection services and fees, to enhance the information made available to consumers relating to overdraft protection services and fees, to prohibit systematic manipulation in the posting of checks and other debits to a depository account for the purpose of generating overdraft protection fees, and for other purposes. 2/8/2007--Introduced. Consumer Overdraft Protection Fair Practices Act - Amends the Truth in Lending Act to set forth restrictions on: (1) overdraft protection programs or services for consumers; and (2) representations or statements with respect to such a program or service in any advertisement or promotion. Amends the Electronic Fund Transfer Act and the Expedited Funds Availability Act to set forth restrictions on overdraft protection [...]

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To establish a living wage, jobs for all policy for all peoples in the United States and its territories, and for other purposes. 2/14/2007--Introduced. A Living Wage, Jobs for All Act - Declares that Congress affirms the basic economic rights and responsibilities under the 1944 "Economic Bill of Rights," while updating and extending it to include: (1) certain rights to decent jobs, income security for individuals unable to work for pay, a decent living for farm families, freedom from monopolies, decent housing, adequate health services, Social Security in old age, sickness, accidental injury, and unemployment, and education and work training; and (2) certain other rights relating to collective bargaining, a safe working environment, information on trends in pollution sources and products and processes that affect the well-being of workers throughout the world, voting and campaigning, and personal security. Requires corporations registered with the Securities and Exchange [...]

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A 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 [...]

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An act to amend the Federal Food, Drug, and cosmetic Act and the Public Health Service Act to reauthorize drug and device user fees and ensure the safety of medical products, and for other purposes. 5/9/2007--Passed Senate amended.    (There are 2 other summaries) Food and Drug Administration Revitalization Act - Title I: Prescription Drug User Fees - (Sec. 101) - Prescription Drug User Fee Amendments of 2007 - (Sec. 102) Amends the Federal Food, Drug, and Cosmetic Act (FFDCA) to set forth as a purpose that authorized prescription drug fees be dedicated toward expediting the drug development process, the process for the review of human drug applications, and postmarket drug safety. Sets forth reporting requirements, including requiring the Secretary of Human Services (the Secretary) to present to Congress recommendations developed for achieving certain goals for the review process of human drug applications and for reauthorization of user [...]

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A bill to require enhanced disclosure to consumers regarding the consequences of making only minimum required payments in the repayment of credit card debt, and for other purposes. 4/20/2007--Introduced. Credit Card Minimum Payment Warning Act of 2007 - Amends the Truth in Lending Act to include among the mandatory disclosures at each billing cycle of open end consumer credit plans: (1) the words "Minimum Payment Warning: Making only the minimum payment will increase the amount of interest that you pay and the time it will take to repay your outstanding balance;" (2) the number of years and months it would take the consumer to pay the entire amount of the balance if the consumer pays only the required minimum monthly payments; (3) the total cost to the consumer, as well as a breakdown in principal and interest payments, of paying that balance in full if the consumer pays only the required minimum monthly payments, and if no further advances are made; (4) the monthly [...]

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To enhance the availability of capital and credit for all citizens and communities, to ensure that community reinvestment keeps pace as banks, securities firms, and other financial service providers become affiliates as a result of the enactment of the Gramm-Leach-Bliley Act, and for other purposes. 3/1/2007--Introduced. Community Reinvestment Modernization Act of 2007 - Repeals specified revisions to regulations governing the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Director of the Office of Thrift Supervision. Reinstates banking agency regulations in effect before the publication of such revisions. Amends the Bank Holding Company Act of 1956 (BHCA) to subject to the Community Reinvestment Act of 1977 (CRA) nonbank affiliates of bank holding companies that engage in lending or offering banking products or services. Amends the CRA to require a rating reduction [...]

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A bill to protect information relating to consumers, to require notice of security breaches, and for other purposes. 5/1/2007--Introduced. Data Security Act of 2007 - Prescribes security procedures which an entity that maintains or communicates sensitive account or personal information must implement and enforce in order to protect the information from an unauthorized use likely to result in substantial harm or inconvenience to the consumer.Grants exclusive enforcement powers to specified federal regulatory agencies with oversight of financial institutions. Denies a private right of action, including a class action, regarding any act or practice regulated under this Act. Prohibits any civil or criminal action in state court or under state law relating to any act or practice governed under this Act. Prescribes data security standards to be implemented by federal agencies.Preempts state law with respect to the responsibilities of any person [...]

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A bill to enhance the ability of community banks to foster economic growth and serve their communities, boost small businesses, increase individual savings, and for other purposes. 5/16/2007--Introduced. Community Banks Serving Their Communities First Act, or the Communities First Act - Revises regulatory requirements for community banks, including amendments to: (1) the Federal Deposit Insurance Act to permit certain insured depository institutions to submit a short form report of condition; (2) the Sarbanes-Oxley Act of 2002 to exempt certain small-sized depository institutions from annual management assessment of internal controls requirements; (3) the Securities Investor Protection Act of 1970 to exempt certain small-size community banks from its prohibition against advances for customers' net equity claims; (4) the Federal Reserve Act to increase the asset size of banks exempt from the limitation on extensions of credit to executive officers, directors, and principal [...]

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To require enhanced disclosure to consumers regarding the consequences of making only minimum required payments in the repayment of credit card debt, and for other purposes. 3/13/2007--Introduced. Credit Card Repayment Act of 2007 - Amends the Truth in Lending Act to include among the mandatory disclosures at each billing cycle of open end consumer credit plans: (1) the words "Minimum Payment Warning: making only the minimum payment will increase the amount of interest that you pay and the time it will take to repay your outstanding balance;" (2) the number of years and months it would take the consumer to pay the entire amount of the balance if the consumer pays only the required minimum monthly payments; (3) the total cost to the consumer, as well as a breakdown in principal and interest payments, of paying that balance in full if the consumer pays only the required minimum monthly payments, and if no further advances are made; (4) the monthly payment amount that [...]

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To modernize credit union net worth standards, advance credit union efforts to promote economic growth, and modify credit union regulatory standards and reduce burdens, and for other purposes. 3/15/2007--Introduced. Credit Union Regulatory Improvements Act of 2007 - Amends the Federal Credit Union Act to reduce the minimum net worth ratio requirements of credit unions. Revises the minimum risk-based net ratio for such capitalizations. Transfers from the federal banking agencies to the Federal Deposit Insurance Corporation (FDIC) the authority to adjust the net worth levels of credit unions. Instructs the National Credit Union Administration Board (Board) to design the risk-based net worth requirement to take account of material risks to insured credit unions that are taken account of by comparable standards applicable to FDIC-insured institutions. Establishes a temporary waiver of the net worth restoration plan requirement for an undercapitalized [...]

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A bill to modernize credit union net worth standards, advance credit union efforts to promote economic growth, and modify credit union regularity standards and reduce burdens, and for other purposes. 5/1/2008--Introduced. Credit Union Regulatory Improvements Act of 2008 - Amends the Federal Credit Union Act to reduce the minimum net worth ratio requirements of credit unions. Revises the minimum risk-based net ratio for such capitalizations.Transfers from the federal banking agencies to the Federal Deposit Insurance Corporation (FDIC) the authority to adjust the net worth levels of credit unions.Instructs the National Credit Union Administration Board (Board) to design the risk-based net worth requirement to take account of material risks to insured credit unions that are taken account of by comparable standards applicable to FDIC-insured institutions.Establishes a temporary waiver of the net worth restoration plan requirement for an undercapitalized [...]

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A 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 [...]

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A 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 [...]

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To amend the Federal Financial Institutions Examination Council Act to require the Council to establish a single telephone number that consumers with complaints or inquiries could call and be routed to the appropriate Federal banking agency or State bank supervisor, and for other purposes. 4/29/2008--Passed House without amendment.    (There is 1 other summary) (This measure has not been amended since it was introduced. The summary of that version is repeated here.)Financial Consumer Hotline Act of 2007 - Amends the Federal Financial Institutions Examination Council Act of 1978 to require federal financial institution regulatory agencies, coordinating through the Federal Financial Institutions Examination Council, to establish: (1) a single, toll-free telephone number for consumer complaints and inquiries concerning institutions under their jurisdiction; and (2) a system for routing such calls to the federal financial institution regulatory [...]

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A 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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To include all banking agencies within the existing regulatory authority under the Federal Trade Commission Act with respect to depository institutions, and for other purposes. 12/5/2007--Passed House amended.    (There is 1 other summary) Amends the Federal Trade Commission Act to transfer to each federal banking agency, with respect to depository institutions it supervises, the authority to prescribe regulations governing unfair or deceptive practices by banks and savings and loan institutions currently vested in the Board of Governors of the Federal Reserve System (with respect to banks) and the Federal Home Loan Bank Board (with respect to savings and loan institutions). Requires the federal banking agencies to prescribe such regulations: (1) jointly to the extent practicable; and (2) in consultation with the Federal Trade Commission (FTC). Authorizes the FTC, with respect to entities within its jurisdiction, to commence a rulemaking [...]

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To require rapid implementation of guidelines and regulations regarding the accuracy of consumer information furnished to consumer reporting agencies that were required to be established by the Fair and Accurate Credit Transactions Act of 2003 and have not been implemented, to provide that the Federal Trade Commission shall take the lead in implementation of the guidelines and regulations, and for other purposes. 9/14/2007--Introduced. FACT Act Rulewriting Improvement Act of 2007 - Amends the Fair Credit Reporting Act to confer responsibility upon the Federal Trade Commission (FTC) alone to establish accuracy guidelines and prescribe regulations (according to the Fair and Accurate Credit Transactions Act of 2003, or the FACT Act of 2003): (1) for furnishers of information to consumer reporting agencies; and (2) about the circumstances under which such a furnisher shall be required to reinvestigate a dispute concerning the accuracy of information in a consumer report, based [...]

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To amend the Truth in Lending Act to prevent credit card issuers from taking unfair advantage of college students and their parents, and for other purposes. 8/2/2007--Introduced. Student Credit Card Protection Act of 2007 - Amends the Truth in Lending Act to limit by a specified formula the total credit which may be extended by a creditor during any full calendar year to a full time, traditional-aged college student under a college student credit card account, unless a parent, legal guardian, or spouse of the student assumes joint liability for debts incurred. Prohibits increasing the credit limit on an account for which a parent, guardian, or spouse has assumed joint liability without that person's written approval. States that a creditor must require adequate proof of income, income history, and credit history, before any such college student credit card account may be opened. Prohibits a creditor from opening a credit card account for, or issue any [...]

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A bill to amend the Truth in Lending Act, to prevent credit card issuers from taking unfair advantage of college students and their parents, and for other purposes. 8/1/2007--Introduced. Student Credit Card Protection Act of 2007 - Amends the Truth in Lending Act to limit by a specified formula the total credit which may be extended by a creditor during any full calendar year to a full time, traditional-aged college student under a college student credit card account, unless a parent, legal guardian, or spouse of the student assumes joint liability for debts incurred. Prohibits increasing the credit limit on an account for which a parent, guardian, or spouse has assumed joint liability without that person's written approval. States that a creditor must require adequate proof of income, income history, and credit history, before any such college student credit card account may be opened. Prohibits a creditor from opening a credit card account for, or issue [...]

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A bill to amend the Truth in Lending Act, to improve disclosures for private student loans, and for other purposes. 7/19/2007--Introduced. Private Student Loan Disclosure Enhancement Act of 2007 - Amends the Truth in Lending Act to subject private education loans to its consumer credit disclosure requirements. Sets forth the private student loan terms and conditions which lenders must clearly and conspicuously disclose to borrowers in any application or solicitation for such a loan and contemporaneously with the approval of a private student loan application. Gives private student loan borrowers 30 days after the loan is approved and the required loan disclosure information is received to accept and consummate the loan transaction. Subjects lenders to civil liability for violating such requirements. Requires civil actions to be brought within one year after the first monthly payment on the loan becomes due after the borrower leaves school, unless full repayment [...]

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