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HR 1584 100th Congress House Commerce Competition Consumer credit Consumer protection Credit Credit cards Federal preemption Finance and Financial Sector Interest Interest rates State laws States

Competitive Credit Card Interest Rate Act

Introduced: March 12, 1987 See on congress.gov
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 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
 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.

What's happening now March 18, 1987

Subcommittee Hearings Held.

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Democratic 1