Legislative report

Article Abstract:

The credit and credit reporting industry is increasingly being scrutinized by legislators. Washington State House Bill 2944, which suspends interest rate controls, has already been passed on Apr 2,1992 and a number of other bills are being considered. Decreasing maximum rate charges is the object of legislation in various states, with both floating and fixed rates being considered. The General Accounting Office has been asked to study the effects of government limits on interest rates on the credit industry. Sen Schumer's bill, which covers credit card regulations, will be studied by the Banking Subcommittee on Consumer Affairs and Coinage. Other bills being considered in both Congress and Senate are HR 3596, S2776, AB 1629 and HB 2943.

Credit market, Credit markets, Commercial credit

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The legislative report

Article Abstract:

Vehement protest from the credit card industry has forced the Senate to eliminate an amendment to the banking reform bill that seeks to impose a national cap on interest rates for credit cards. Implementation of the legislation would have resulted in a maximum allowable interest rate of 14%. The credit card industry is also preparing for the legal ramifications of a bill that seeks to regulate the use of autodial equipment and solicitations channeled through facsimile machines and telephones. The proposed bill would call for the establishment of regulations by the Federal Communications Commission regarding the protection of the privacy rights of consumers for such solicitations.

Interpretation and construction, Credit cards, Interest rates, Communication, Communications, Banking law

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The legislative report

Article Abstract:

The Fair Credit Reporting Act is undergoing revision through hearings conducted by the House Subcommittee on Consumer Affairs and Coinage. Subcommittee Chmn Esteban Torres presides over the hearings, which began on October 24, 1991, which will continue to discuss issues such as tax lien information of Vermont residents from files of TRW Inc, employment and prescreening 'opt-out/opt-in' functions of credit bureau reports, and credit reporting agency data concerning civil liabilities supplied by credit grantors.

Motor vehicle parts and accessories, Search and navigation equipment, Legislative bodies, Credit reporting services, Cases, Economic policy, Credit bureaus, Northrop Grumman Space & Mission Systems Corp., United States. Congress. House. Subcommittee on Consumer Affairs and Coinage, Torres, Esteban

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