S.Amdt. 1108

SA 1108. Mrs. BOXER submitted an amendment intended to be proposed to
amendment SA 1058 proposed by Mr. Dodd (for himself and Mr. Shelby) to
the bill H.R. 627, to amend the Truth in

[[Page S5448]]

Lending Act to establish fair and transparent practices relating to the
extension of credit under an open end consumer credit plan, and for
other purposes; which was ordered to lie on the table; as follows:

At the end of title V, add the following:

SEC. 503. REPORTS ON ISSUER PRACTICES DURING THE INTERIM
PERIOD BETWEEN THE DATE OF ENACTMENT AND THE
EFFECTIVE DATE.

(a) Purpose.--The purpose of this section is to require
credit card issuers and the agencies that regulate such
issuers to report information on increases in consumer
interest rates and consumer complaints that occur during the
period between the date of enactment of this Act and the
effective date of this Act under section 3.
(b) Reports to Agencies Required.--
(1) In general.--Not later than 45 days after the date of
enactment of this Act, and every 45 days thereafter, each
card issuer shall submit to the appropriate enforcement
agency a report containing data on any increase in consumer
interest rates by the card issuer made on or after May 1,
2009.
(2) Contents of reports.--The reports required under
paragraph (1)--
(A) shall include--
(i) the number of cardholders affected by each such
increase;
(ii) the categories of cardholders affected by each such
increase;
(iii) the size of each such increase;
(iv) the reason for each such increase; and
(v) a summary of the volume and nature of any complaints
received from cardholders concerning interest rate increases
that would be prohibited if such increases took place after
the effective date of this Act; and
(B) need not include information on individually negotiated
changes to contractual terms, such as individually modified
workouts or renegotiations of amounts owed by a consumer
under an open end consumer credit plan.
(c) Summary of Data on Complaints.--Each appropriate
enforcement agency shall--
(1) summarize information on the volume and nature of any
complaints received by such agency from a consumer concerning
interest rate increases that would be prohibited if such
increases took place after the effective date of this Act;
and
(2) provide such summary to the Board for purposes of
subsection (e).
(d) Reports and Data Available to Public.--Each appropriate
enforcement agency shall make the reports and data required
under subsections (b) and (c) available to the public.
(e) Reports to Congress.--
(1) Reports required.--The Board shall submit to Congress
periodic reports on practices of creditors that contain a
compilation of the reports and data required under
subsections (b) and (c).
(2) Agency cooperation.--Each appropriate enforcement
agency shall provide compilations of any reports it receives
under this section to the Board for purposes of this
subsection.
(3) Timing of reports.--The Board shall submit the reports
required under paragraph (1) not later than 90 days after the
date of enactment of this Act, and every 90 days thereafter.
(f) Effective Date.--Notwithstanding section 3 of this Act,
this section shall be effective during the period beginning
on the date of enactment of this Act and ending on the
effective date of this Act under section 3.
(g) Definitions.--In this section--
(1) the term ``appropriate enforcement agency'' means, with
respect to a card issuer, the agency responsible for
administrative enforcement relating to such card issuer under
section 108 of the Truth in Lending Act (15 U.S.C. 1607); and
(2) the terms ``cardholder'', ``card issuer'',
``consumer'', and ``open end credit plan'' have the same
meanings as section 103 of the Truth in Lending Act (15
U.S.C. 1602).
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