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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

Restoring America's Commitment to Consumers Act of 2012

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To amend the Truth in Lending Act to establish a national usury rate for consumer credit card accounts under open end consumer credit plans, and for other purposes.


Actions Overview (1)

Date
02/17/2012Introduced in House

All Actions (4)

Date
02/23/2012Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Action By: Committee on Financial Services
02/17/2012Referred to the Committee on Financial Services, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Action By: House of Representatives
02/17/2012Referred to the Committee on Financial Services, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Action By: House of Representatives
02/17/2012Introduced in House
Action By: House of Representatives

Committees (2)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Financial Services02/17/2012 Referred to
House Financial Services Subcommittee on Financial Institutions and Consumer Credit02/23/2012 Referred to
House Rules02/17/2012 Referred to

No related bill information was received for H.R.4084.


Latest Summary (1)

There is one summary for H.R.4084. View summaries

Shown Here:
Introduced in House (02/17/2012)

Restoring America's Commitment to Consumers Act of 2012 - Amends the Truth in Lending Act to prohibit the annual percentage rate (APR) applicable to an extension of credit on a credit card account under an open end consumer credit plan from exceeding 16%.

Includes in an APR any compensation fee (including a membership fee or an annual fee) for: (1) opening or maintaining the account; (2) granting an extension of credit; or (3) making available a line of credit.

Authorizes the Board of Governors of the Federal Reserve System (Board) to make adjustments to the maximum APR limitation; but creates the presumption that any increase by the Board to the maximum limitation is not in the public interest unless severe economic conditions justify the increase.

Prohibits construction of this Act as an endorsement by Congress of a 16% APR.

Declares the intention of Congress that: (1) such maximum APR limitation should merely serve as a ceiling on consumer credit cards and few, if any, consumer credit card accounts would ever bear the maximum rate; and (2) consumer credit card issuers should strive to maintain APRs most advantageous to borrowers.

Treats as an unfair or deceptive act or practice a credit card account which, as of February 8, 2012, bears an APR that is less than 16%, and subsequently increases it between February 8, 2012, and 60 days after enactment of this Act.

Imposes a $15 cap upon certain credit card account fees, including fees (such as late fees, overdraft fees, or over-the-limit transaction fees) for borrower default or breach of any condition upon which credit was extended.