Of a perfecting nature.

SA 1130. Mr. DODD proposed an amendment to amendment SA 1058 proposed
by Mr. Dodd (for himself and Mr. Shelby) to the bill H.R. 627, to amend
the Truth in 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; as follows:

On page 3, beginning on line 17, strike ``(other than'' and
all that follows through ``indexed)'' on line 21 and insert
the following: ``(except in the case of an increase described
in paragraph (1), (2), or (3) of section 171(b))''.
On page 6, strike lines 9 through 12 and insert the
following:
(2) an increase in a variable annual percentage rate in
accordance with a credit card agreement that provides for
changes in the rate according to operation of an index that
is not under the control of the creditor and is available to
the general public;
On page 6, line 13, insert ``the completion of a workout or
temporary hardship arrangement by the obligor or'' after
``due to''.
On page 6, line 15, strike ``provided that the'' and insert
the following: ``provided that--
``(A) the''.
On page 6, line 20, strike ``; or'' and insert the
following: ``; and
(B) the creditor has provided the obligor, prior to the
commencement of such arrangement, with clear and conspicuous
disclosure of the terms of the arrangement (including any
increases due to such completion or failure); or
On page 7, line 7, insert ``on time'' after ``payments''.
On page 7, line 12, insert ``on time'' after ``payments''.
On page 10, line 13, strike ``or (2)'' and insert ``, (2),
(3), or (4)''.
On page 12, line 15, strike ``limit-fee'' and insert
``limit fee''.
On page 14, between lines 12 and 13, insert the following:
(7) Restriction on fees charged for an over-the-limit
transaction.--With respect to a credit card account under an
open end consumer credit plan, an over-the-limit fee may be
imposed only once during a billing cycle if the credit limit
on the account is exceeded, and an over-the-limit fee, with
respect to such excess credit, may be imposed only once in
each of the 2 subsequent billing cycles, unless the consumer
has obtained an additional extension of credit in excess of
such credit limit during any such subsequent cycle or the
consumer reduces the outstanding balance below the credit
limit as of the end of such billing cycle.
On page 15, line 10, strike ``over the limit'' and insert
``over-the-limit''.
On page 27, strike line 3 and all that follows through page
30, line 12 and insert the following:
(c) Guidelines Required.--
(1) In general.--Not later than 6 months after the date of
enactment of this Act, the Board shall issue guidelines, by
rule, in consultation with the Secretary of the Treasury, for
the establishment and maintenance by creditors of a toll-free
telephone number for purposes of providing information about
accessing credit counseling and debt management services, as
required under section 127(b)(11)(B)(iv) of the Truth in
Lending Act, as added by this section.
(2) Approved agencies.--Guidelines issued under this
subsection shall ensure that referrals provided by the toll-
free number referred to in paragraph (1) include only those
nonprofit budget and credit counseling agencies approved by a
United States bankruptcy trustee pursuant to section 111(a)
of title 11, United States Code.
At the end of title I, add the following:

SEC. 109. CONSIDERATION OF ABILITY TO REPAY.

(a) In General.--Chapter 3 of the Truth in Lending Act (15
U.S.C. 1666 et seq.), as amended by this title, is amended by
adding at the end the following:

[[Page S5626]]

``SEC. 150. CONSIDERATION OF ABILITY TO REPAY.

``A card issuer may not open any credit card account for
any consumer under an open end consumer credit plan, or
increase any credit limit applicable to such account, unless
the card issuer considers the ability of the consumer to make
the required payments under the terms of such account.''.
(b) Clerical Amendment.--Chapter 3 of the Truth in Lending
Act (15 U.S.C. 1661 et seq.) is amended in the table of
sections for the chapter, by adding at the end the following:

``150. Consideration of ability to repay.''.

At the end of title II, add the following:

SEC. 205. PREVENTION OF DECEPTIVE MARKETING OF CREDIT
REPORTS.

(a) Preventing Deceptive Marketing.--Section 612 of the
Fair Credit Reporting Act (15 U.S.C. 1681j) is amended by
adding at the end the following:
``(g) Prevention of Deceptive Marketing of Credit
Reports.--
``(1) In general.--Subject to rulemaking pursuant to
section 205(b) of the Credit CARD Act of 2009, any
advertisement for a free credit report in any medium shall
prominently disclose in such advertisement that free credit
reports are available under Federal law at:
`AnnualCreditReport.com' (or such other source as may be
authorized under Federal law).
``(2) Television and radio advertisement.--In the case of
an advertisement broadcast by television, the disclosures
required under paragraph (1) shall be included in the audio
and visual part of such advertisement. In the case of an
advertisement broadcast by television or radio, the
disclosure required under paragraph (1) shall consist only of
the following: `This is not the free credit report provided
for by federal law.' ''.
(b) Rulemaking.--
(1) In general.--Not later than 9 months after the date of
enactment of this Act, the Federal Trade Commission shall
issue a final rule to carry out this section.
(2) Content.--The rule required by this subsection--
(A) shall include specific wording to be used in
advertisements in accordance with this section; and
(B) for advertisements on the Internet, shall include
whether the disclosure required under section 612(g)(1) of
the Fair Credit Reporting Act (as added by this section)
shall appear on the advertisement or the website on which the
free credit report is made available.
(3) Interim disclosures.--If an advertisement subject to
section 612(g) of the Fair Credit Reporting Act, as added by
this section, is made public after the 9-month deadline
specified in paragraph (1), but before the rule required by
paragraph (1) is finalized, such advertisement shall include
the disclosure: ``Free credit reports are available under
Federal law at: `AnnualCreditReport.com'.''.
At the end of title III, add the following:

SEC. 304. PRIVACY PROTECTIONS FOR COLLEGE STUDENTS.

Section 140 of the Truth in Lending Act (15 U.S.C. 1650) is
amended by adding at the end the following:
``(f) Credit Card Protections for College Students.--
``(1) Disclosure required.--An institution of higher
education shall publicly disclose any contract or other
agreement made with a card issuer or creditor for the purpose
of marketing a credit card.
``(2) Inducements prohibited.--No card issuer or creditor
may offer to a student at an institution of higher education
any tangible item to induce such student to apply for or
participate in an open end consumer credit plan offered by
such card issuer or creditor, if such offer is made--
``(A) on the campus of an institution of higher education;
``(B) near the campus of an institution of higher
education, as determined by rule of the Board; or
``(C) at an event sponsored by or related to an institution
of higher education.
``(3) Sense of the congress.--It is the sense of the
Congress that each institution of higher education should
consider adopting the following policies relating to credit
cards:
``(A) That any card issuer that markets a credit card on
the campus of such institution notify the institution of the
location at which such marketing will take place.
``(B) That the number of locations on the campus of such
institution at which the marketing of credit cards takes
place be limited.
``(C) That credit card and debt education and counseling
sessions be offered as a regular part of any orientation
program for new students of such institution.''.

SEC. 305. COLLEGE CREDIT CARD AGREEMENTS.

(a) In General.--Section 127 of the Truth in Lending Act
(15 U.S.C. 1637), as otherwise amended by this Act, is
amended by adding at the end the following:
``(r) College Card Agreements.--
``(1) Definitions.--For purposes of this subsection, the
following definitions shall apply:
``(A) College affinity card.--The term `college affinity
card' means a credit card issued by a credit card issuer
under an open end consumer credit plan in conjunction with an
agreement between the issuer and an institution of higher
education, or an alumni organization or foundation affiliated
with or related to such institution, under which such cards
are issued to college students who have an affinity with such
institution, organization and--
``(i) the creditor has agreed to donate a portion of the
proceeds of the credit card to the institution, organization,
or foundation (including a lump sum or 1-time payment of
money for access);
``(ii) the creditor has agreed to offer discounted terms to
the consumer; or
``(iii) the credit card bears the name, emblem, mascot, or
logo of such institution, organization, or foundation, or
other words, pictures, or symbols readily identified with
such institution, organization, or foundation.
``(B) College student credit card account.--The term
`college student credit card account' means a credit card
account under an open end consumer credit plan established or
maintained for or on behalf of any college student.
``(C) College student.--The term `college student' means an
individual who is a full-time or a part-time student
attending an institution of higher education.
``(D) Institution of higher education.--The term
`institution of higher education' has the same meaning as in
section 101 and 102 of the Higher Education Act of 1965 (20
U.S.C. 1001 and 1002).
``(2) Reports by creditors.--
``(A) In general.--Each creditor shall submit an annual
report to the Board containing the terms and conditions of
all business, marketing, and promotional agreements and
college affinity card agreements with an institution of
higher education, or an alumni organization or foundation
affiliated with or related to such institution, with respect
to any college student credit card issued to a college
student at such institution.
``(B) Details of report.--The information required to be
reported under subparagraph (A) includes--
``(i) any memorandum of understanding between or among a
creditor, an institution of higher education, an alumni
association, or foundation that directly or indirectly
relates to any aspect of any agreement referred to in such
subparagraph or controls or directs any obligations or
distribution of benefits between or among any such entities;
``(ii) the amount of any payments from the creditor to the
institution, organization, or foundation during the period
covered by the report, and the precise terms of any agreement
under which such amounts are determined; and
``(iii) the number of credit card accounts covered by any
such agreement that were opened during the period covered by
the report, and the total number of credit card accounts
covered by the agreement that were outstanding at the end of
such period.
``(C) Aggregation by institution.--The information required
to be reported under subparagraph (A) shall be aggregated
with respect to each institution of higher education or
alumni organization or foundation affiliated with or related
to such institution.
``(D) Initial report.--The initial report required under
subparagraph (A) shall be submitted to the Board before the
end of the 9-month period beginning on the date of enactment
of this subsection.
``(3) Reports by board.--The Board shall submit to the
Congress, and make available to the public, an annual report
that lists the information concerning credit card agreements
submitted to the Board under paragraph (2) by each
institution of higher education, alumni organization, or
foundation.''.
(b) Study and Report by the Comptroller General.--
(1) Study.--The Comptroller General of the United States
shall, from time to time, review the reports submitted by
creditors under section 127(r) of the Truth in Lending Act,
as added by this section, and the marketing practices of
creditors to determine the impact that college affinity card
agreements and college student card agreements have on credit
card debt.
(2) Report.--Upon completion of any study under paragraph
(1), the Comptroller General shall periodically submit a
report to the Congress on the findings and conclusions of the
study, together with such recommendations for administrative
or legislative action as the Comptroller General determines
to be appropriate.
On page 40, line 6, strike ``or'' at the end.
On page 40, line 8, strike the period and insert the
following: ``; or
(vi) redeemable solely for admission to events or venues at
a particular location or group of affiliated locations, which
may also include services or goods obtainable--

(I) at the event or venue after admission; or
(II) in conjunction with admission to such events or
venues, at specific locations affiliated with and in
geographic proximity to the event or venue.

On page 42, line 5, insert ``or vendor'' after ``issuer''.
On page 43, strike lines 9 through 11 and insert the
following:
(B) the terms of expiration are clearly and conspicuously
stated.
On page 43, line 13, strike ``shall prescribe'' and insert
the following: ``shall--
``(A) prescribe''.
On page 43, line 19, strike ``of gift'' and insert ``of a
gift''.
On page 43, beginning on line 21, strike ``assessed.'' and
insert the following: ``assessed; and
``(B) shall determine the extent to which the individual
definitions and provisions of

[[Page S5627]]

the Electronic Fund Transfer Act or Regulation E should apply
to general-use prepaid cards, gift certificates, and store
gift cards.''.
On page 46, strike line 16 and all that follows through
page 48, line 6, and insert the following:

SEC. 502. BOARD REVIEW OF CONSUMER CREDIT PLANS AND
REGULATIONS.

(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--
(1) the terms of credit card agreements and the practices
of credit card issuers;
(2) the effectiveness of disclosure of terms, fees, and
other expenses of credit card plans;
(3) the adequacy of protections against unfair or deceptive
acts or practices relating to credit card plans; and
(4) whether or not, and to what extent, the implementation
of this Act and the amendments made by this Act has
affected--
(A) cost and availability of credit, particularly with
respect to non-prime borrowers;
(B) the safety and soundness of credit card issuers;
(C) the use of risk-based pricing; or
(D) credit card product innovation.
(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.
(c) Regulations.--
(1) Notice.--Following the review required by subsection
(a), the Board shall publish a notice in the Federal Register
that--
(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
(B) either--
(i) proposes new or revised regulations or interpretations
to update or revise disclosures and protections for consumer
credit cards, as appropriate; or
(ii) states the reason for the determination of the Board
that new or revised regulations are not necessary.
(2) Revision of review period following material revision
of regulations.--In the event that the Board materially
revises regulations on consumer credit card plans, a review
need not be conducted until 2 years after the effective date
of the revised regulations, which thereafter shall be treated
as the new date for the biennial review required by
subsection (a).
(d) Board Report to the Congress.--The Board shall report
to Congress not 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.
(e) Additional Reporting.--The Federal banking agencies (as
that term is defined in section 3 of the Federal Deposit
Insurance Act) 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
compliance by credit card issuers with applicable Federal
consumer protection statutes and regulations, including--
(1) this Act, the amendments made by this Act, and
regulations prescribed under this Act and such amendments;
and
(2) section 5 of the Federal Trade Commission Act, and
regulations prescribed under the Federal Trade Commission
Act, including part 227 of title 12 of the Code of Federal
Regulations, as prescribed by the Board (referred to as
``Regulation AA'').
At the end of title V, add the following:

SEC. 503. STORED VALUE.

(a) In General.--Not later than 270 days after the date of
enactment of this Act, the Secretary of the Treasury, in
consultation with the Secretary of Homeland Security, shall
issue regulations in final form implementing the Bank Secrecy
Act, regarding the sale, issuance, redemption, or
international transport of stored value, including stored
value cards.
(b) Consideration of International Transport.--Regulations
under this section regarding international transport of
stored value may include reporting requirements pursuant to
section 5316 of title 31, United States Code.
(c) Emerging Methods for Transmittal and Storage in
Electronic Form.--Regulations under this section shall take
into consideration current and future needs and methodologies
for transmitting and storing value in electronic form.

SEC. 504. PROCEDURE FOR TIMELY SETTLEMENT OF ESTATES OF
DECEDENT OBLIGORS.

(a) In General.--Chapter 2 of the Truth in Lending Act (
U.S.C. 1631 et seq.) is amended by adding at the end the
following new section:

``Sec. 140A Procedure for timely settlement of estates of
decedent obligors

``The Board, in consultation with the Federal Trade
Commission and each other agency referred to in section
108(a), shall prescribe regulations to require any creditor,
with respect to any credit card account under an open end
consumer credit plan, to establish procedures to ensure that
any administrator of an estate of any deceased obligor with
respect to such account can resolve outstanding credit
balances in a timely manner.''.
(b) Clerical Amendment.--The table of sections for chapter
2 of the Truth in Lending Act is amended by inserting after
the item relating to section 140 the following new item:
``140A. Procedure for timely settlement of estates of decedent
obligors'.''.

SEC. 505. REPORT TO CONGRESS ON REDUCTIONS OF CONSUMER CREDIT
CARD LIMITS BASED ON CERTAIN INFORMATION AS TO
EXPERIENCE OR TRANSACTIONS OF THE CONSUMER.

(a) Report on Creditor Practices Required.--Before the end
of the 1-year period beginning on the date of enactment of
this Act, the Board, in consultation with the Comptroller of
the Currency, the Director of the Office of Thrift
Supervision, the Federal Deposit Insurance Corporation, the
National Credit Union Administration Board, and the Federal
Trade Commission, shall submit a report to the Committee on
Financial Services of the House of Representatives and the
Committee on Banking, Housing, and Urban Affairs of the
Senate on the extent to which, during the 3-year period
ending on such date of enactment, creditors have reduced
credit limits or raised interest rates applicable to credit
card accounts under open end consumer credit plans based on--
(1) the geographic location where a credit transaction with
the consumer took place, or the identity of the merchant
involved in the transaction;
(2) the credit transactions of the consumer, including the
type of credit transaction, the type of items purchased in
such transaction, the price of items purchased in such
transaction, any change in the type or price of items
purchased in such transactions, and other data pertaining to
the use of such credit card account by the consumer; and
(3) the identity of the mortgage creditor which extended or
holds the mortgage loan secured by the primary residence of
the consumer.
(b) Other Information.--The report required under
subsection (a) shall also include--
(1) the number of creditors that have engaged in the
practices described in subsection (a);
(2) the extent to which the practices described in
subsection (a) have an adverse impact on minority or low-
income consumers;
(3) any other relevant information regarding such
practices; and
(4) recommendations to the Congress on any regulatory or
statutory changes that may be needed to restrict or prevent
such practices.

SEC. 506. BOARD REVIEW OF SMALL BUSINESS CREDIT PLANS AND
RECOMMENDATIONS.

(a) Required Review.--Not later than 9 months after the
date of enactment of this Act, the Board shall conduct a
review of the use of credit cards by businesses with not more
than 50 employees (in this section referred to as ``small
businesses'') and the credit card market for small
businesses, including--
(1) the terms of credit card agreements for small
businesses and the practices of credit card issuers relating
to small businesses;
(2) the adequacy of disclosures of terms, fees, and other
expenses of credit card plans for small businesses;
(3) the adequacy of protections against unfair or deceptive
acts or practices relating to credit card plans for small
businesses;
(4) the cost and availability of credit for small
businesses, particularly with respect to non-prime borrowers;
(5) the use of risk-based pricing for small businesses;
(6) credit card product innovation relating to small
businesses; and
(7) the extent to which small business owners use personal
credit cards to fund their business operations.
(b) Recommendations.--Following the review required by
subsection (a), the Board shall, not later than 12 months
after the date of enactment of this Act--
(1) provide a report to Congress that summarizes the review
and other evidence gathered by the Board, such as through
consumer testing or other research, and
(2) make recommendations for administrative or legislative
initiatives to provide protections for credit card plans for
small businesses, as appropriate.

SEC. 507. SMALL BUSINESS INFORMATION SECURITY TASK FORCE.

(a) Definitions.--In this section--
(1) the terms ``Administration'' and ``Administrator'' mean
the Small Business Administration and the Administrator
thereof, respectively;
(2) the term ``small business concern'' has the same
meaning as in section 3 of the Small Business Act (15 U.S.C.
632); and
(3) the term ``task force'' means the task force
established under subsection (b).
(b) Establishment.--The Administrator shall, in conjunction
with the Secretary of Homeland Security, establish a task
force, to be known as the ``Small Business Information
Security Task Force'', to address the information technology
security needs of small business concerns and to help small
business concerns prevent the loss of credit card data.
(c) Duties.--The task force shall--
(1) identify--
(A) the information technology security needs of small
business concerns; and

[[Page S5628]]

(B) the programs and services provided by the Federal
Government, State Governments, and nongovernment
organizations that serve those needs;
(2) assess the extent to which the programs and services
identified under paragraph (1)(B) serve the needs identified
under paragraph (1)(A);
(3) make recommendations to the Administrator on how to
more effectively serve the needs identified under paragraph
(1)(A) through--
(A) programs and services identified under paragraph
(1)(B); and
(B) new programs and services promoted by the task force;
(4) make recommendations on how the Administrator may
promote--
(A) new programs and services that the task force
recommends under paragraph (3)(B); and
(B) programs and services identified under paragraph
(1)(B);
(5) make recommendations on how the Administrator may
inform and educate with respect to--
(A) the needs identified under paragraph (1)(A);
(B) new programs and services that the task force
recommends under paragraph (3)(B); and
(C) programs and services identified under paragraph
(1)(B);
(6) make recommendations on how the Administrator may more
effectively work with public and private interests to address
the information technology security needs of small business
concerns; and
(7) make recommendations on the creation of a permanent
advisory board that would make recommendations to the
Administrator on how to address the information technology
security needs of small business concerns.
(d) Internet Website Recommendations.--The task force shall
make recommendations to the Administrator relating to the
establishment of an Internet website to be used by the
Administration to receive and dispense information and
resources with respect to the needs identified under
subsection (c)(1)(A) and the programs and services identified
under subsection (c)(1)(B). As part of the recommendations,
the task force shall identify the Internet sites of
appropriate programs, services, and organizations, both
public and private, to which the Internet website should
link.
(e) Education Programs.--The task force shall make
recommendations to the Administrator relating to developing
additional education materials and programs with respect to
the needs identified under subsection (c)(1)(A).
(f) Existing Materials.--The task force shall organize and
distribute existing materials that inform and educate with
respect to the needs identified under subsection (c)(1)(A)
and the programs and services identified under subsection
(c)(1)(B).
(g) Coordination With Public and Private Sector.--In
carrying out its responsibilities under this section, the
task force shall coordinate with, and may accept materials
and assistance as it determines appropriate from, public and
private entities, including--
(1) any subordinate officer of the Administrator;
(2) any organization authorized by the Small Business Act
to provide assistance and advice to small business concerns;
(3) other Federal agencies, their officers, or employees;
and
(4) any other organization, entity, or person not described
in paragraph (1), (2), or (3).
(h) Appointment of Members.--
(1) Chairperson and vice-chairperson.--The task force shall
have--
(A) a Chairperson, appointed by the Administrator; and
(B) a Vice-Chairperson, appointed by the Administrator, in
consultation with appropriate nongovernmental organizations,
entities, or persons.
(2) Members.--
(A) Chairperson and vice-chairperson.--The Chairperson and
the Vice-Chairperson shall serve as members of the task
force.
(B) Additional members.--
(i) In general.--The task force shall have additional
members, each of whom shall be appointed by the Chairperson,
with the approval of the Administrator.
(ii) Number of members.--The number of additional members
shall be determined by the Chairperson, in consultation with
the Administrator, except that--

(I) the additional members shall include, for each of the
groups specified in paragraph (3), at least 1 member
appointed from within that group; and
(II) the number of additional members shall not exceed 13.

(3) Groups represented.--The groups specified in this
paragraph are--
(A) subject matter experts;
(B) users of information technologies within small business
concerns;
(C) vendors of information technologies to small business
concerns;
(D) academics with expertise in the use of information
technologies to support business;
(E) small business trade associations;
(F) Federal, State, or local agencies, including the
Department of Homeland Security, engaged in securing
cyberspace; and
(G) information technology training providers with
expertise in the use of information technologies to support
business.
(4) Political affiliation.--The appointments under this
subsection shall be made without regard to political
affiliation.
(i) Meetings.--
(1) Frequency.--The task force shall meet at least 2 times
per year, and more frequently if necessary to perform its
duties.
(2) Quorum.--A majority of the members of the task force
shall constitute a quorum.
(3) Location.--The Administrator shall designate, and make
available to the task force, a location at a facility under
the control of the Administrator for use by the task force
for its meetings.
(4) Minutes.--
(A) In general.--Not later than 30 days after the date of
each meeting, the task force shall publish the minutes of the
meeting in the Federal Register and shall submit to the
Administrator any findings or recommendations approved at the
meeting.
(B) Submission to congress.--Not later than 60 days after
the date that the Administrator receives minutes under
subparagraph (A), the Administrator shall submit to the
Committee on Small Business and Entrepreneurship of the
Senate and the Committee on Small Business of the House of
Representatives such minutes, together with any comments the
Administrator considers appropriate.
(5) Findings.--
(A) In general.--Not later than the date on which the task
force terminates under subsection (m), the task force shall
submit to the Administrator a final report on any findings
and recommendations of the task force approved at a meeting
of the task force.
(B) Submission to congress.--Not later than 90 days after
the date on which the Administrator receives the report under
subparagraph (A), the Administrator shall submit to the
Committee on Small Business and Entrepreneurship of the
Senate and the Committee on Small Business of the House of
Representatives the full text of the report submitted under
subparagraph (A), together with any comments the
Administrator considers appropriate.
(j) Personnel Matters.--
(1) Compensation of members.--Each member of the task force
shall serve without pay for their service on the task force.
(2) Travel expenses.--Each member of the task force shall
receive travel expenses, including per diem in lieu of
subsistence, in accordance with applicable provisions under
subchapter I of chapter 57 of title 5, United States Code.
(3) Detail of sba employees.--The Administrator may detail,
without reimbursement, any of the personnel of the
Administration to the task force to assist it in carrying out
the duties of the task force. Such a detail shall be without
interruption or loss of civil status or privilege.
(4) SBA support of the task force.--Upon the request of the
task force, the Administrator shall provide to the task force
the administrative support services that the Administrator
and the Chairperson jointly determine to be necessary for the
task force to carry out its duties.
(k) Not Subject to Federal Advisory Committee Act.--The
Federal Advisory Committee Act (5 U.S.C. App.) shall not
apply to the task force.
(l) Startup Deadlines.--The initial appointment of the
members of the task force shall be completed not later than
90 days after the date of enactment of this Act, and the
first meeting of the task force shall be not later than 180
days after the date of enactment of this Act.
(m) Termination.--
(1) In general.--Except as provided in paragraph (2), the
task force shall terminate at the end of fiscal year 2013.
(2) Exception.--If, as of the termination date under
paragraph (1), the task force has not complied with
subsection (i)(4) with respect to 1 or more meetings, then
the task force shall continue after the termination date for
the sole purpose of achieving compliance with subsection
(i)(4) with respect to those meetings.
(n) Authorization of Appropriations.--There is authorized
to be appropriated to carry out this section $300,000 for
each of fiscal years 2010 through 2013.

SEC. 508. STUDY AND REPORT ON EMERGENCY PIN TECHNOLOGY.

(a) In General.--The Federal Trade Commission, in
consultation with the Attorney General of the United States
and the United States Secret Service, shall conduct a study
on the cost-effectiveness of making available at automated
teller machines technology that enables a consumer that is
under duress to electronically alert a local law enforcement
agency that an incident is taking place at such automated
teller machine, including--
(1) an emergency personal identification number that would
summon a local law enforcement officer to an automated teller
machine when entered into such automated teller machine; and
(2) a mechanism on the exterior of an automated teller
machine that, when pressed, would summon a local law
enforcement to such automated teller machine.
(b) Contents of Study.--The study required under subsection
(a) shall include--
(1) an analysis of any technology described in subsection
(a) that is currently available or under development;
(2) an estimate of the number and severity of any crimes
that could be prevented by the availability of such
technology;
(3) the estimated costs of implementing such technology;
and
(4) a comparison of the costs and benefits of not fewer
than 3 types of such technology.

[[Page S5629]]

(c) Report.--Not later than 9 months after the date of
enactment of this Act, the Federal Trade Commission shall
submit to Congress a report on the findings of the study
required under this section that includes such
recommendations for legislative action as the Commission
determines appropriate.

SEC. 509. STUDY AND REPORT ON THE MARKETING OF PRODUCTS WITH
CREDIT OFFERS.

(a) Study.--The Comptroller General of the United States
shall conduct a study on the terms, conditions, marketing,
and value to consumers of products marketed in conjunction
with credit card offers, including--
(1) debt suspension agreements;
(2) debt cancellation agreements; and
(3) credit insurance products.
(b) Areas of Concern.--The study conducted under this
section shall evaluate--
(1) the suitability of the offer of products described in
subsection (a) for target customers;
(2) the predatory nature of such offers; and
(3) specifically for debt cancellation or suspension
agreements and credit insurance products, loss rates compared
to more traditional insurance products.
(c) Report to Congress.--The Comptroller shall submit a
report to Congress on the results of the study required by
this section not later than December 31, 2010.

SEC. 510. FINANCIAL AND ECONOMIC LITERACY.

(a) Report on Federal Financial and Economic Literacy
Education Programs.--
(1) In general.--Not later than 9 months after the date of
enactment of this Act, the Secretary of Education and the
Director of the Office of Financial Education of the
Department of the Treasury shall coordinate with the
President's Advisory Council on Financial Literacy--
(A) to evaluate and compile a comprehensive summary of all
existing Federal financial and economic literacy education
programs, as of the time of the report; and
(B) to prepare and submit a report to Congress on the
findings of the evaluations.
(2) Contents.--The report required by this subsection shall
address, at a minimum--
(A) the 2008 recommendations of the President's Advisory
Council on Financial Literacy;
(B) existing Federal financial and economic literacy
education programs for grades kindergarten through grade 12,
and annual funding to support these programs;
(C) existing Federal postsecondary financial and economic
literacy education programs and annual funding to support
these programs;
(D) the current financial and economic literacy education
needs of adults, and in particular, low- and moderate-income
adults;
(E) ways to incorporate and disseminate best practices and
high quality curricula in financial and economic literacy
education; and
(F) specific recommendations on sources of revenue to
support financial and economic literacy education activities
with a specific analysis of the potential use of credit card
transaction fees.
(b) Strategic Plan.--
(1) In general.--The Secretary of Education and the
Director of the Office of Financial Education of the
Department of the Treasury shall coordinate with the
President's Advisory Council on Financial Literacy to develop
a strategic plan to improve and expand financial and economic
literacy education.
(2) Contents.--The plan developed under this subsection
shall--
(A) incorporate findings from the report and evaluations of
existing Federal financial and economic literacy education
programs under subsection (a); and
(B) include proposals to improve, expand, and support
financial and economic literacy education based on the
findings of the report and evaluations.
(3) Presentation to congress.--The plan developed under
this subsection shall be presented to Congress not later than
6 months after the date on which the report under subsection
(a) is submitted to Congress.
(c) Effective Date.--Notwithstanding section 3, this
section shall become effective on the date of enactment of
this Act.

SEC. 511. FEDERAL TRADE COMMISSION RULEMAKING ON MORTGAGE
LENDING.

(a) In General.--Section 626 of division D of the Omnibus
Appropriations Act, 2009 (Public Law 111-8) is amended--
(1) in subsection (a)--
(A) by striking ``Within'' and inserting ``(1) Within'';
(B) in paragraph (1), as designated by subparagraph (A), by
inserting after the first sentence the following: ``Such
rulemaking shall relate to unfair or deceptive acts or
practices regarding mortgage loans, which may include unfair
or deceptive acts or practices involving loan modification
and foreclosure rescue services.''; and
(C) by adding at the end the following:
``(2) Paragraph (1) shall not be construed to authorize the
Federal Trade Commission to promulgate a rule with respect to
an entity that is not subject to enforcement of the Federal
Trade Commission Act (15 U.S.C. 41 et seq.) by the
Commission.
``(3) Before issuing a final rule pursuant to the
proceeding initiated under paragraph (1), the Federal Trade
Commission shall consult with the Federal Reserve Board
concerning any portion of the proposed rule applicable to
acts or practices to which the provisions of the Truth in
Lending Act (15 U.S.C. 1601 et seq.) may apply.
``(4) The Federal Trade Commission shall enforce the rules
issued under paragraph (1) in the same manner, by the same
means, and with the same jurisdiction, powers, and duties as
though all applicable terms and provisions of the Federal
Trade Commission Act (15 U.S.C. 41 et seq.) were incorporated
into and made part of this section.''; and
(2) in subsection (b)--
(A) by striking so much as precedes paragraph (2) and
inserting the following:
``(b)(1) Except as provided in paragraph (6), in any case
in which the attorney general of a State has reason to
believe that an interest of the residents of that State has
been or is threatened or adversely affected by the engagement
of any person subject to a rule prescribed under subsection
(a) in a practice that violates such rule, the State, as
parens patriae, may bring a civil action on behalf of the
residents of the State in an appropriate district court of
the United States or other court of competent jurisdiction--
``(A) to enjoin that practice;
``(B) to enforce compliance with the rule;
``(C) to obtain damages, restitution, or other compensation
on behalf of residents of the State; or
``(D) to obtain penalties and relief provided by the
Federal Trade Commission Act and such other relief as the
court considers appropriate.''; and
(B) in paragraphs (2), (3), and (6), by striking
``Commission'' each place it appears and inserting ``primary
Federal regulator''.
(b) Effective Date.--The amendments made by subsection (a)
shall take effect on March 12, 2009.
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