H.R.1584 - Competitive Credit Card Interest Rate Act100th Congress (1987-1988)
|Sponsor:||Rep. Bilbray, James H. [D-NV-1] (Introduced 03/12/1987)|
|Committees:||House - Banking, Finance, and Urban Affairs|
|Latest Action:||House - 03/18/1987 Subcommittee Hearings Held. (All Actions)|
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Summary: H.R.1584 — 100th Congress (1987-1988)All Information (Except Text)
Introduced in House (03/12/1987)
Competitive Credit Card Interest Rate Act - Amends the Truth in Lending Act to establish a national ceiling on credit card interest rates of eight percentage points over the yield on one-year Treasury securities.
Supersedes certain provisions of State laws regarding notice requirements preceding increases in credit card interest rates. States that this Act shall not supersede applicable State limitations on finance charges.
Directs the Board of Governors of the Federal Reserve System to conduct a study of: (1) the relationship between credit card interest rates and the cost of extending such credit; and (2) the degree to which such rates reflect competition for new credit card accounts. Requires the Board to submit the results of such study to specified congressional committees by September 1, 1987.
Provides that such ceiling shall not take effect if such study reveals that the credit rates reflect the cost of extending credit.