To enhance consumer credit protections for members of the Armed Forces and their dependents.
What it does: Adds SEC. 577. ENHANCEMENT OF CONSUMER CREDIT PROTECTIONS FOR MEMBERS OF THE ARMED FORCES AND THEIR DEPENDENTS at the end of subtitle H of title V
Sen. Jack Reed (D-RI)What it changes
1 change to S. 1867 · shown in the bill's text
Adds SEC. 577. ENHANCEMENT OF CONSUMER CREDIT PROTECTIONS FOR MEMBERS OF THE ARMED FORCES AND THEIR DEPENDENTS at the end of subtitle H of title V
Adds a sectionIn S. 1867 · Placed on Calendar Senate
"(B) The term on the Council of the members appointed under clause (iv) of paragraph (1)(B) shall be three years.".
Inserted: SEC. 577. ENHANCEMENT OF CONSUMER CREDIT PROTECTIONS FOR MEMBERS OF THE ARMED FORCES AND THEIR DEPENDENTS.
Inserted: (a) Prohibited Actions.--Subsection (e) of section 987 of title 10, United States Code, is amended--
Inserted: (1) in paragraph (6), by striking "or" at the end;
Inserted: (2) by redesignating paragraph (7) as paragraph (9); and
Inserted: (3) by inserting after paragraph (6) the following new paragraphs:
Inserted: "(7) the creditor charges the borrower a fee for overdraft service (as that term is defined by the Electronic Fund Transfer Act (15 U.S.C. 1693 et seq.) and implementing regulations) in connection with a withdrawal from an automated teller machine or a one-time debit card transaction;
Inserted: "(8) the creditor charges the borrower a fee for overdraft service (as so defined) where such fee is triggered as the result of the institution having posted the borrower's transactions in order from largest to smallest; or".
Inserted: (b) Regulations.--Subsection (h)(3) of such section is amended--
Inserted: (1) by inserting "at least every two years" after "consult"; and
Inserted: (2) by adding at the end the following new subparagraph:
Inserted: "(H) The Bureau of Consumer Financial Protection.".
Inserted: (c) Consumer Credit.--Subsection (i)(6) of such section is amended by adding at the end the following new sentence: "Such term shall also include credit under an open end consumer credit plan (as defined by section 103 of the Truth in Lending Act (15 U.S.C. 1602) and implementing regulations), except that the Secretary of Defense may exclude credit under such a plan that provides for amortizing payments over a period of at least 92 days.".
Original wording
At the end of subtitle H of title V, add the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
At the end of subtitle H of title V, add the following:
SEC. 577. ENHANCEMENT OF CONSUMER CREDIT PROTECTIONS FOR MEMBERS OF THE ARMED FORCES AND THEIR DEPENDENTS.
(a) Prohibited Actions.--Subsection (e) of section 987 of title 10, United States Code, is amended--
(1) in paragraph (6), by striking “or” at the end;
(2) by redesignating paragraph (7) as paragraph (9); and
(3) by inserting after paragraph (6) the following new paragraphs:
“(7) the creditor charges the borrower a fee for overdraft service (as that term is defined by the Electronic Fund Transfer Act (15 U.S.C. 1693 et seq.) and implementing regulations) in connection with a withdrawal from an automated teller machine or a one-time debit card transaction;
“(8) the creditor charges the borrower a fee for overdraft service (as so defined) where such fee is triggered as the result of the institution having posted the borrower's transactions in order from largest to smallest; or”.
(b) Regulations.--Subsection (h)(3) of such section is amended--
(1) by inserting “at least every two years” after “consult”; and
(2) by adding at the end the following new subparagraph:
“(H) The Bureau of Consumer Financial Protection.”.
(c) Consumer Credit.--Subsection (i)(6) of such section is amended by adding at the end the following new sentence: “Such term shall also include credit under an open end consumer credit plan (as defined by section 103 of the Truth in Lending Act (15 U.S.C. 1602) and implementing regulations), except that the Secretary of Defense may exclude credit under such a plan that provides for amortizing payments over a period of at least 92 days.”.
Legislative Activity
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Considered by Senate. (consideration: CR S8095)
December 1, 2011
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Considered by Senate. (consideration: CR S8095)
December 1, 2011
Point of order that the amendment violates Rule XXII raised in Senate with respect to amendment SA 1294.
December 1, 2011
Amendment SA 1294 ruled non-germane by the chair.
December 1, 2011
Considered by Senate. (consideration: CR S8014)
November 30, 2011
Considered by Senate. (consideration: CR S7944)
November 29, 2011
Considered by Senate. (consideration: CR S7885-7886)
November 28, 2011
Senate amendment submitted
November 18, 2011
Senate amendment proposed (on the floor): Amendment SA 1294 proposed by Senator Levin for Senator Reed.(consideration: CR S7811-7814; text: CR S7812)
November 18, 2011
Amendment SA 1294 proposed by Senator Levin for Senator Reed. (consideration: CR S7811-7814; text: CR S7812) To enhance consumer credit protections for members of the Armed Forces and their dependents.
November 18, 2011