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15 U.S.C. § 1616 — Board review of consumer credit plans and regulations

Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1616 — Board review of consumer credit plans and regulations

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Source file: Laws/federal/codes/united-states-code/title-15/section-1616-board-review-of-consumer-credit-plans-and-regulations--a1acc157d9.md
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Source location: Title 15, Chapter 41, § 1616; chapter-041-consumer-credit-protection.md

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**(a) Required review** Not later than 2 years after the effective date of this Act and every 2 years thereafter, except as provided in subsection (c)(2), the Board shall conduct a review, within the limits of its existing resources available for reporting purposes, of the consumer credit card market, including— (1) the terms of credit card agreements and the practices of credit card issuers; (2) the effectiveness of disclosure of terms, fees, and other expenses of credit card plans; (3) the adequacy of protections against unfair or deceptive acts or practices relating to credit card plans; and (4) whether or not, and to what extent, the implementation of this Act and the amendments made by this Act has affected— (A) cost and availability of credit, particularly with respect to non-prime borrowers; (B) the safety and soundness of credit card issuers; (C) the use of risk-based pricing; or (D) credit card product innovation. **(b) Solicitation of public comment** In connection with conducting the review required by subsection (a), the Board shall solicit comment from consumers, credit card issuers, and other interested parties, such as through hearings or written comments. **(c) Regulations** (1) **Notice** — Following the review required by subsection (a), the Board shall publish a notice in the Federal Register that— (A) summarizes the review, the comments received from the public solicitation, and other evidence gathered by the Board, such as through consumer testing or other research; and (B) either— (i) proposes new or revised regulations or interpretations to update or revise disclosures and protections for consumer credit cards, as appropriate; or (ii) states the reason for the determination of the Board that new or revised regulations are not necessary. (2) **Revision of review period following material revision of regulations** — In the event that the Board materially revises regulations on consumer credit card plans, a review need not be conducted until 2 years after the effective date of the revised regulations, which thereafter shall be treated as the new date for the biennial review required by subsection (a). **(d) Board report to the Congress** The Board shall report to Congress not less frequently than every 2 years, except as provided in subsection (c)(2), on the status of its most recent review, its efforts to address any issues identified from the review, and any recommendations for legislation. **(e) Additional reporting** The Federal banking agencies (as that term is defined in [section 1813 of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim)) and the Federal Trade Commission shall provide annually to the Board, and the Board shall include in its annual report to Congress under [section 247 of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section247&num=0&edition=prelim), information about the supervisory and enforcement activities of the agencies with respect to compliance by credit card issuers with applicable Federal consumer protection statutes and regulations, including— (1) this Act, the amendments made by this Act, and regulations prescribed under this Act and such amendments; and (2) section 5 of the Federal Trade Commission Act [[15 U.S.C. 45](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section45&num=0&edition=prelim)], and regulations prescribed under the Federal Trade Commission Act [[15 U.S.C. 41](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section41&num=0&edition=prelim) et seq.], including part 227 of title 12 of the Code of Federal Regulations, as prescribed by the Board (referred to as “Regulation AA”).

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Federal law — U.S. Code and appendices · legal_authorities

31 U.S.C. § 5311 — Declaration of purpose

It is the purpose of this subchapter (except section 5315) to— (1) require certain reports or records that are highly useful in— (A) criminal, tax, or regulatory investigations, risk assessments, or proceedings; or (B) intelligence or counterintelligence activities, including analysis, to protect against terrorism; (2) prevent the laundering of money and the financing of terrorism through the establishment by financial institutions of reasonably designed risk-based programs to combat money laundering and the financing of terrorism; (3) facilitate the tracking of money that has been sourced through criminal activity or is intended to promote criminal or terrorist activity; (4) assess the money laundering, terrorism finance, tax evasion, and fraud risks to financial institutions, products, or services to— (A) protect the financial system of the United States from criminal abuse; and (B) safeguard the national security of the United States; and (5) establish appropriate frameworks for information sharing among financial institutions, their agents and service providers, their regulatory authorities, associations of financial institutions, the Department of the Treasury, and law enforcement authorities to identify, stop, and apprehend money launderers and those who finance terrorists.

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 58 — Short title

This subchapter may be cited as the “Federal Trade Commission Act”.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 247 — Reports to Congress

The Board of Governors of the Federal Reserve System shall annually make a full report of its operations to the Speaker of the House of Representatives, who shall cause the same to be printed for the information of the Congress. The report required under this paragraph shall include the reports required under [section 1691f of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1691f&num=0&edition=prelim), section 57a(f)(7) 11 See References in Text note below. of title 15, [section 1613 of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1613&num=0&edition=prelim), and [section 247a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section247a&num=0&edition=prelim).

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1601 — Congressional findings and declaration of purpose

**(a) Informed use of credit** The Congress finds that economic stabilization would be enhanced and the competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost thereof by consumers. It is the purpose of this subchapter to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit, and to protect the consumer against inaccurate and unfair credit billing and credit card practices. **(b) Terms of personal property leases** The Congress also finds that there has been a recent trend toward leasing automobiles and other durable goods for consumer use as an alternative to installment credit sales and that these leases have been offered without adequate cost disclosures. It is the purpose of this subchapter to assure a meaningful disclosure of the terms of leases of personal property for personal, family, or household purposes so as to enable the lessee to compare more readily the various lease terms available to him, limit balloon payments in consumer leasing, enable comparison of lease terms with credit terms where appropriate, and to assure meaningful and accurate disclosures of lease terms in advertisements.

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15 U.S.C. § 1602 — Definitions and rules of construction

**(a)** The definitions and rules of construction set forth in this section are applicable for the purposes of this subchapter. **(b) Bureau.—** The term “Bureau” means the Bureau of Consumer Financial Protection. **(c)** The term “Board” refers to the Board of Governors of the Federal Reserve System. **(d)** The term “organization” means a corporation, government or governmental subdivision or agency, trust, estate, partnership, cooperative, or association. **(e)** The term “person” means a natural person or an organization. **(f)** The term “credit” means the right granted by a creditor to a debtor to defer payment of debt or to incur debt and defer its payment. **(g)** The term “creditor” refers only to a person who both (1) regularly extends, whether in connection with loans, sales of property or services, or otherwise, consumer credit which is payable by agreement in more than four installments or for which the payment of a finance charge is or may be required, and (2) is the person to whom the debt arising from the consumer credit transaction is initially payable on the face of the evidence of indebtedness or, if there is no such evidence of indebtedness, by agreement. Notwithstanding the preceding sentence, in the case of an open-end credit plan involving a credit card, the card issuer and any person who honors the credit card and offers a discount which is a finance charge are creditors. For the purpose of the requirements imposed under part D of this subchapter and sections 1637(a)(5), 1637(a)(6), 1637(a)(7), 1637(b)(1), 1637(b)(2), 1637(b)(3), 1637(b)(8), and 1637(b)(10) of this title, the term “creditor” shall also include card issuers whether or not the amount due is payable by agreement in more than four installments or the payment of a finance charge

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Federal law — U.S. Code and appendices · legal_authorities

16 U.S.C. § 1a–7b — Protection of right of individuals to bear arms

**(a) Congressional findings** Congress finds the following: (1) The 2d amendment to the Constitution provides that “the right of the people to keep and bear Arms, shall not be infringed”. (2) Section 27.42 of title 50, Code of Federal Regulations, provides that, except in special circumstances, citizens of the United States may not “possess, use, or transport firearms on national wildlife refuges” of the United States Fish and Wildlife Service. (3) The regulations described in paragraph (2) prevent individuals complying with Federal and State laws from exercising the 2d amendment rights of the individuals while at units of the National Wildlife Refuge System. (4) The existence of different laws relating to the transportation and possession of firearms at different units of the National Wildlife Refuge System entrapped law-abiding gun owners while at units of the National Wildlife Refuge System. (5) Although the Bush administration issued new regulations relating to the 2d amendment rights of law-abiding citizens in units of the National Wildlife Refuge System that went into effect on January 9, 2009— (A) on March 19, 2009, the United States District Court for the District of Columbia granted a preliminary injunction with respect to the implementation and enforcement of the new regulations; and (B) the new regulations— (i) are under review by the Obama administration; and (ii) may be altered. (6) Congress needs to weigh in on the new regulations to ensure that unelected bureaucrats and judges cannot again override the 2d amendment rights of law-abiding citizens on 90,790,000 acres of land under the jurisdiction of the United States Fish and Wildlife Service. (7) Federal laws should make it clear that the 2d amendment rights of an individual at a u

Source: Supplied U.S. Code snapshot — release unconfirmed · 16 U.S.C. § 1a–7b

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 45 — Unfair methods of competition unlawful; prevention by Commission

**(a) Declaration of unlawfulness; power to prohibit unfair practices; inapplicability to foreign trade** (1) Unfair methods of competition in or affecting commerce, and unfair or deceptive acts or practices in or affecting commerce, are hereby declared unlawful. (2) The Commission is hereby empowered and directed to prevent persons, partnerships, or corporations, except banks, savings and loan institutions described in [section 57a(f)(3) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section57a/f/3&num=0&edition=prelim), Federal credit unions described in [section 57a(f)(4) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section57a/f/4&num=0&edition=prelim), common carriers subject to the Acts to regulate commerce, air carriers and foreign air carriers subject to part A of subtitle VII of title 49, and persons, partnerships, or corporations insofar as they are subject to the Packers and Stockyards Act, 1921, as amended [[7 U.S.C. 181](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section181&num=0&edition=prelim) et seq.], except as provided in section 406(b) of said Act [[7 U.S.C. 227(b)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section227/b&num=0&edition=prelim)], from using unfair methods of competition in or affecting commerce and unfair or deceptive acts or practices in or affecting commerce. (3) This subsection shall not apply to unfair methods of competition involving commerce with foreign nations (other than import commerce) unless— (A) such methods of competition have a direct, substantial, and reasonably foreseeable effect— (i) on commerce which is not commerce with foreign nations, or on import commerce with foreign nations; or

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 41 — Federal Trade Commission established; membership; vacancies; seal

A commission is created and established, to be known as the Federal Trade Commission (hereinafter referred to as the Commission), which shall be composed of five Commissioners, who shall be appointed by the President, by and with the advice and consent of the Senate. Not more than three of the Commissioners shall be members of the same political party. The first Commissioners appointed shall continue in office for terms of three, four, five, six, and seven years, respectively, from September 26, 1914, the term of each to be designated by the President, but their successors shall be appointed for terms of seven years, except that any person chosen to fill a vacancy shall be appointed only for the unexpired term of the Commissioner whom he shall succeed: Provided, however, That upon the expiration of his term of office a Commissioner shall continue to serve until his successor shall have been appointed and shall have qualified..11 So in original. The President shall choose a chairman from the Commission’s membership. No Commissioner shall engage in any other business, vocation, or employment. Any Commissioner may be removed by the President for inefficiency, neglect of duty, or malfeasance in office. A vacancy in the Commission shall not impair the right of the remaining Commissioners to exercise all the powers of the Commission.

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12 U.S.C. § 1813 — Definitions

As used in this chapter— **(a) Definitions of bank and related terms** (1) **Bank** — The term “bank”— (A) means any national bank and State bank, and any Federal branch and insured branch; (B) includes any former savings association. (2) **State bank** — The term “State bank” means any bank, banking association, trust company, savings bank, industrial bank (or similar depository institution which the Board of Directors finds to be operating substantially in the same manner as an industrial bank), or other banking institution which— (A) is engaged in the business of receiving deposits, other than trust funds (as defined in this section); and (B) is incorporated under the laws of any State or which is operating under the Code of Law for the District of Columbia, including any cooperative bank or other unincorporated bank the deposits of which were insured by the Corporation on the day before August 9, 1989. (3) **State** — The term “State” means any State of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands. **(b) Definition of savings associations and related terms** (1) **Savings association** — The term “savings association” means— (A) any Federal savings association; (B) any State savings association; and (C) any corporation (other than a bank) that the Board of Directors and the Comptroller of the Currency jointly determine to be operating in substantially the same manner as a savings association. (2) **Federal savings association** — The term “Federal savings association” means any Federal savings association or Federal savings bank which is chartered under [section 1464 of t

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1616 — Board review of consumer credit plans

Page 1475 TITLE 15—COMMERCE AND TRADE § 1616 § 1616. Board review of consumer credit plans and regulations (a) Required review Not later than 2 years after the effective date of this Act and every 2 years thereafter, except as provided in subsection (c)(2), the Board shall conduct a review, within the limits of its exist- ing resources available for reporting purposes, of the consumer credit card market, including— (1) the terms of credit card agreements and the practices of credit card issuers; (2) the effectiveness of disclosure of terms, fees, and other expenses of credit card plans; (3) the adequacy of protections against un- fair or deceptive acts or practices relating to credit card plans; and (4) whether or not, and to what extent, the implementation of this Act and the amend- ments made by this Act has affected— (A) cost and availability of credit, particu- larly with respect to non-prime borrowers; (B) the safety and soundness of credit card issuers; (C) the use of risk-based pricing; or (D) credit card product innovation. (b) Solicitation of public comment In connection with conducting the review re- quired by subsection (a), the Board shall solicit comment from consumers, credit card issuers, and other interested parties, such as through hearings or written comments. (c) Regulations (1) Notice Following the review required by subsection (a), the Board shall publish a notice in the Federal Register that— (A) summarizes the review, the comments received from the public solicitation, and other evidence gathered by the Board, such as through consumer testing or other re- search; and (B) either— (i) proposes new or revised regulations or interpretations to update or revise disclo- sures and protections for consumer credit cards, a

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