Regional Antidiscrimination and Credit Card Disclosure Act of 1991

Summary

Regional Antidiscrimination and Credit Card Disclosure Act of 1991 - Amends the Truth in Lending Act to prohibit a creditor from: (1) unilaterally terminating an open end consumer credit card account and requiring immediate repayment of the balance; or (2) reducing the credit limit of such account below the balance and requiring the immediate repayment of the balance in excess of the new limit. Provides exceptions for fraud and breach of contract. Prohibits: (1) an agreement under an open end consumer credit plan from containing a provision allowing a creditor to unilaterally change certain terms before a specified period of notice to the consumer; and (2) arbitrary or capricious changes by the creditor. Declares that those prohibitions do not apply to a prohibition on additional extensions of credit or a reduction in the credit limit in the case of: (1) a material change in the consumer's financial circumstances; (2) default by the consumer; or (3) any change that will benefit the consumer. Requires the Board of Governors of the Federal Reserve System to: (1) conduct a study of econometric credit review scoring systems to determine credit risk prediction accuracy; and (2) develop a credit risk assessment model for open end plan creditors which protects the institution from excessive risk and protects the availability of credit under fair and objective standards. Amends title VII (Equal Credit Opportunity Act) of the Consumer Credit Protection Act to prohibit discrimination in any aspect of a credit transaction on the basis of: (1) the geographic region in which the applicant resides, unless the creditor has a geographically localized credit business; or (2) the location of the residence of the applicant, whether determined specifically or through zip code, census tract, or other means for determining the demographic characteristics of the neighborhood. Amends the Truth in Lending Act to prohibit any creditor from taking any action with regard to any open end consumer credit plan on such basis.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

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• Introduced in House

  summary · EN · 22 March 1991

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