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HR 1267 100th Congress House Commerce Competition Consumer credit Consumer protection Credit Credit cards Finance and Financial Sector Interest Interest rates

Credit Card Interest Rate Limitation Act of 1987

Introduced: February 25, 1987 Introduced by: Schumer, Charles E. Democratic · New York See on congress.gov
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 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
 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.

What's happening now February 25, 1987

Referred to Subcommittee on Consumer Affairs and Coinage.

 Committees of jurisdiction 2