H.R. 627: Credit Card Act, PL 111-24, Contains Provisions for Various Studies, Reports, and Legislative Amendments

The Congressional activity to pass the Credit CARD Act of 2009, P.L. 111-24, addresses issues related to personal credit card holders. In addition to this the Act contains a number of provisions that require reports (there are a few amendments to laws as well).

Many of the provisions were sponsored by Republicans.

I summarize the miscellaneous provisions below.

Credit CARD Act of 2009, P.L. 111-24.  Date of enactment: 5/22/09.

Title V—Miscellaneous Provisions

Title of provision Responsible agency Due date
Sec. 501  Report on Interchange Fees  [description] Government Accountability Office (GAO) 180 days after enactment [11/16/09]Published:  11/19/09 (http://www.gao.gov/products/GAO-10-45)
Sec. 502  Review of Consumer Credit Plans and Regulations [description] Federal Reserve Board (FRB)(sec. 502(c)—federal banking agencies [sec 3 of the FDIA] and the Federal Trade Commission (FTC) Every two years [5/22/10]
Sec. 503 Stored Value [description], [description] Treasury, Homeland Security 270 days after enactment [2/17/10 (approximately)]
Sec. 504  Procedure for Timely Settlement of Estates of Decedent Obligors [amendment to Truth in Lending Act, sec. 140A (new)] [description] FRB
Sec. 505  Report to Congress on Reductions of Credit Card Limits Based on Certain Information as to Experience or Transactions of the Consumer [description] FRB (in consultation with the Office of the Comptroller of the Currency (OCC), Office of Thrift Supervision (OTS), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration Board (NCUA), and the FTC) Before the end of the one-year period beginning on the date of enactment [5/21/10]
Sec. 506  Board Review of Small Business Credit Plans and Recommendations [description] FRB For the review, not later than nine months after the date of enactment [2/22/10]For the report, not later than 12 months after the date of enactment [5/22/10]
Sec. 507  Small Business Information Security Task Force [description] Small Business Administration (SBA) and Homeland Security For meeting minutes, not later than 60 days after Administrator receives the minutes, the Administrator submits the minutes to the House and Senate, the Administrator submits the minutes to the House and SenateFor findings at the termination of the task force, not later than 90 days after Administrator receives the findings, the Administrator submits the findings to the House and Senate.The task force terminates at the end of fiscal year 2013 [9/30/13]
Sec. 508  Study and Report on Emergency PIN Technology FTC (with the Justice Department, and the Secret Service) Not later than nine months after the date of enactment [2/22/10]
Sec. 509  Study and Report on the Marketing of Products with Credit Offers [description] GAO Not later than 12/31/10
Sec. 510  Financial and Economic Literacy [description] Department of Education and the Treasury (Office of Financial Education (with the President’s Council on Financial Literacy)) For report, not later than nine months after the date of enactment [2/22/10]For strategic plan, not later than six months after the date the report is submitted to Congress
Sec. 511  FTC Rulemaking on Mortgage Lending (amendment) [description] FTC Amendment effective 3/12/09
Sec. 512  Protecting Americans from Violent Crime [description] (represents findings of Congress)
Sec. 513  GAO Study and Report on Fluency in the English Language and Financial Literacy [description] GAO Not later than one year after the date of enactment [5/22/10]

House Report 111-92

S. Amdt. 1130

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