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HR 1584 100th Congress House

Competitive Credit Card Interest Rate Act

Official title: A bill to amend the Truth in Lending Act to establish a limitation on the rates of interest which may be imposed on credit card accounts, to provide that such … Show full official titleShow less

Official title: A bill to amend the Truth in Lending Act to establish a limitation on the rates of interest which may be imposed 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: March 12, 1987 See on congress.gov
Commerce CompetitionConsumer creditConsumer protectionCredit
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Credit cardsFederal preemptionFinance and Financial SectorInterestInterest ratesState lawsStates
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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 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 18, 1987
Subcommittee Hearings Held.
Mar 18, 1987
Referred to Subcommittee on Consumer Affairs and Coinage.
Mar 12, 1987
Referred to House Committee on Banking, Finance and Urban Affairs.
Mar 12, 1987
Introduced in House
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 Latest action March 18, 1987

Subcommittee Hearings Held.

 Plain-English summary Congressional Research Service

Competitive Credit Card Interest Rate Act - Amends the Truth in Lending Act to establish a national ceiling on credit card interest rates of eight percentage points over the yield on one-year Treasury securities.

Supersedes certain provisions of State laws regarding notice requirements preceding increases in credit card interest rates. States that this Act shall not supersede applicable State limitations on finance charges.

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 rates reflect competition for new credit card accounts. Requires the Board to submit the results of such study to specified congressional committees by September 1, 1987.

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

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Democratic 1
D
Mfume, Kweisi
Maryland · Mar 12, 1987
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 1584: Competitive Credit Card Interest Rate Act. 100th Congress. Open America. https://openamerica.io/bill/100-HR-1584/
MLA
"H.R. 1584: Competitive Credit Card Interest Rate Act." 100th Congress, 2026, Open America, https://openamerica.io/bill/100-HR-1584/.
Bluebook (legal)
H.R. 1584, 100th Cong. (2026), https://openamerica.io/bill/100-HR-1584/.
Markdown link
[H.R. 1584: Competitive Credit Card Interest Rate Act](https://openamerica.io/bill/100-HR-1584/)
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