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S 900 111th Congress Senate Finance and Financial Sector Administrative law and regulatory procedures Advisory bodies Banking and financial institutions regulation Consumer credit Federal Reserve System Interest, dividends, interest rates

Credit Card Safety Star Act of 2009

Introduced: April 27, 2009 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
Apr 27, 2009
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S4757-4760)
Apr 27, 2009
Sponsor introductory remarks on measure. (CR S4757)
Apr 27, 2009
Introduced in Senate
 Plain-English summary Congressional Research Service

Credit Card Safety Star Act of 2009 - 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 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.

Establishes the Credit Card Safety Star Advisory Commission.

What's happening now April 27, 2009

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S4757-4760)

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1