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HR 1267 100th Congress House

Credit Card Interest Rate Limitation Act of 1987

Official title: A bill to amend the Truth in Lending Act to establish a limitation on the rates on credit card accounts, to provide that such limitation shall take effect on O… Show full official titleShow less

Official title: A bill to amend the Truth in Lending Act to establish a limitation on the rates on credit card accounts, to provide that such limitation shall take effect on October 1, 1988, unless the determination is made that such rates reflect the cost of funds to creditors and competition among creditors for new credit card accounts, and for other purposes.

Introduced: February 25, 1987 Introduced by: Schumer, Charles E. Democratic · New York See on congress.gov
Commerce CompetitionConsumer creditConsumer protectionCredit
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Credit cardsFinance and Financial SectorInterestInterest rates
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This bill died when the 100th Congress ended
It never became law before the 100th Congress (1987–1988) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 25, 1987
Referred to Subcommittee on Consumer Affairs and Coinage.
Feb 25, 1987
Referred to House Committee on Banking, Finance and Urban Affairs.
Feb 25, 1987
Introduced in House
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 Latest action February 25, 1987

Referred to Subcommittee on Consumer Affairs and Coinage.

 Plain-English summary Congressional Research Service

Credit Card Interest Rate Limitation Act of 1987 - Amends the Truth in Lending Act to establish a national ceiling on credit card interest rates. Directs the Board of Governors of the Federal Reserve System to conduct a study of: (1) the relationship between credit card interest rates and the cost of extending such credit; and (2) the degree to which such interest rates reflected competition for new credit card accounts. Requires such report to be submitted to specified congressional committees by June 1, 1988.

Provides that such ceiling shall not take effect if such study reveals that the credit rates are competitive with the cost of extending credit.

 Committees of jurisdiction 2
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APA
U.S. Congress. (2026). H.R. 1267: Credit Card Interest Rate Limitation Act of 1987. 100th Congress. Open America. https://openamerica.io/bill/100-HR-1267/
MLA
"H.R. 1267: Credit Card Interest Rate Limitation Act of 1987." 100th Congress, 2026, Open America, https://openamerica.io/bill/100-HR-1267/.
Bluebook (legal)
H.R. 1267, 100th Cong. (2026), https://openamerica.io/bill/100-HR-1267/.
Markdown link
[H.R. 1267: Credit Card Interest Rate Limitation Act of 1987](https://openamerica.io/bill/100-HR-1267/)
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