An amendment numbered 2 printed in House Report 111-92 to require the Federal Reserve 1) to review the consumer credit card market, including through solicitation of public comment, and report to Congress every two years; 2) publish a summary of this review in the Federal Register, along with proposed regulatory changes (or an explanation for why no such changes are proposed). The amendment also requires the Federal banking agencies and the FTC to submit to the Federal Reserve, for inclusion in the Federal Reserve's annual report to Congress, information about the agencies' supervisory and enforcement activities related to credit card issuers' compliance with consumer protection laws.

1. Adds SEC. 9. BOARD REVIEW OF CONSUMER CREDIT PLANS AND REGULATIONS after section 8

   Adds a section

   Inserted: SEC. 9. BOARD REVIEW OF CONSUMER CREDIT PLANS AND REGULATIONS.

   Inserted: (a) Required Review.--Not later than 2 years after the effective date of this Act and every 2 years thereafter, except as provided in subsection (c)(2), the Board shall conduct a review, within the limits of its existing resources available for reporting purposes, of the consumer credit card market including--

   Inserted: (1) the terms of credit card agreements and the practices of credit card issuers;

   Inserted: (2) the effectiveness of disclosure of terms, fees, and other expense of credit card plans;

   Inserted: (3) the adequacy of protections against unfair or deceptive acts or practices relating to credit card plans, and

   Inserted: (4) whether or not, and to what extent, the Credit Cardholders' Bill of Rights Act of 2009 has resulted in--

   Inserted: (A) higher annual percentage rates of interest, on average, for credit card users than the average of such rates of interest in effect before the effective date of the Act;

   Inserted: (B) the imposition of annual fees or other credit card fees--

   Inserted: (i) that did not exist before such effective date;

   Inserted: (ii) at a higher average rate of applicability than existed before such effective date; or

   Inserted: (iii) with higher average costs to the consumer than were in effect before such effective date;

   Inserted: (C) an increase in the rate of denial of--

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   Inserted: (i) new credit card accounts for consumers; or

   Inserted: (ii) new extensions of credit, or additional lines of credit, for existing credit accounts established before such effective date; or

   Inserted: (D) any other adverse or negative condition or effect on consumers.

   Inserted: (b) Solicitation of Public Comment.--In connection with conducting the review required by subsection (a), the Board shall solicit comment from consumers, credit card issuers, and other interested parties, such as through hearings or written comments.

   Inserted: (c) Regulations.--

   Inserted: (1) Notice.--Following the review required by subsection (a) the Board shall publish a notice in the Federal Register that--

   Inserted: (A) summarizes the review, the comments received from the public solicitation, and other evidence gathered by the Board such as through consumer testing or other research; and

   Inserted: (B) either--

   Inserted: (i) proposes new or revised regulations or interpretations to update or revise disclosures and protections for consumer credit cards as appropriate; or

   Inserted: (ii) states the reason for the Board's determination that new or revised regulations are not proposed.

   Inserted: (2) Revision of review period following material revision of regulations.--In the event the Board materially revises regulations on consumer credit card plans, a review need not be conducted until 2 years following the effective date of the revised regulations, which thereafter shall become the new date for the biennial review required by subsection (a).

   Inserted: (d) Board Report to the Congress.--The Board shall report to the Congress no less frequently than every 2 years, except as provided in subsection (c)(2), on the status of its most recent review, its efforts to address any issues identified from the review, and any recommendations for legislation.

   Inserted: (e) Additional Reporting.--The Federal banking agencies and the Federal Trade Commission shall provide annually to the Board, and the Board shall include in its annual report to Congress under section 10 of the Federal Reserve Act, information about the supervisory and enforcement activities of the agencies with respect to credit card issuers' compliance with applicable Federal consumer protection statutes and regulations including--

   Inserted: (1) this Act, the amendments made by this Act, and regulations prescribed under this Act and such amendments; and

   Inserted: (2) section 5 of the Federal Trade Commission Act, and regulations prescribed under the Federal Trade Commission Act, such as part 227 of title 12 of the Code of Federal Regulations as prescribed by the Board (Regulation AA).

   Original wording

   After section 8, insert the following new section (and redesignate subsequent sections accordingly):

Read automatically from the Congressional Record. Check the original before relying on it.

As printed