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S 2411 110th Congress Senate Finance and Financial Sector Administrative law and regulatory procedures Advisory bodies Consumer affairs Consumer credit Federal Reserve System

Credit Card Safety Star Act of 2007

Introduced: December 5, 2007 Introduced by: Wyden, Ron Democratic · Oregon 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
Dec 5, 2007
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Dec 5, 2007
Sponsor introductory remarks on measure. (CR S14789-14790)
Dec 5, 2007
Introduced in Senate
 Plain-English summary Congressional Research Service

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 (including universal default).

Establishes the Credit Card Safety Star Advisory Commission.

What's happening now December 5, 2007

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 1