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United States · Bill · HR

H.R. 1584 (100th)

Competitive Credit Card Interest Rate Act

openUnited States· United States Congress· EN

Introduced

12 March 1987

Last action

18 March 1987 · Referred

Status

Subcommittee Hearings Held.

Sponsors

Rep. Bilbray, James H. [D-NV-1], Rep. Savage, Gus [D-IL-2], Rep. Towns, Edolphus [D-NY-10], Rep. Wheat, Alan [D-MO-5], Rep. Murphy, Austin J. [D-PA-20], Rep. Espy, Mike [D-MS-2], Rep. Hochbrueckner, George J. [D-NY-1], Rescom. Fuster, Jamie B. [D-PR-At Large], Rep. Mfume, Kweisi [D-MD-7], Rep. Gejdenson, Sam [D-CT-2], Del. de Lugo, Ron [D-VI-At Large], Rep. Bentley, Helen Delich [R-MD-2], Rep. Moakley, John Joseph [D-MA-9], Rep. Ackerman, Gary L. [D-NY-5], Rep. Hawkins, Augustus F. [D-CA-29], Rep. Stokes, Louis [D-OH-11], Rep. Traficant, James A., Jr. [D-OH-17], Rep. Dyson, Roy [D-MD-1], Rep. Hayes, Charles A. [D-IL-1], Rep. Kolter, Joseph P. [D-PA-4], Rep. Martinez, Matthew G. [D-CA-31], Rep. Evans, Lane [D-IL-17], Rep. Donnelly, Brian J. [D-MA-11], Rep. Smith, Lawrence [D-FL-16], Rep. Eckart, Dennis E. [D-OH-11]

Subjects

Discovery layer

Source updated

28 August 2025

Official sourceView documentsShare

Summary

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 12 March 1987

    Introduced

    Referred to House Committee on Banking, Finance and Urban Affairs.

    Source: IntroReferral

  2. 12 March 1987

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 12 March 1987

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 18 March 1987

    Committee

    Subcommittee Hearings Held.

    Source: Committee

  5. 18 March 1987

    Referred

    Referred to Subcommittee on Consumer Affairs and Coinage.

    Source: Committee

Votes

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Versions

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Documents

1 official file

Leesvertaling

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Sponsors

Related records

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Sources

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