H.R. 2382 · 111th Congress
Credit Card Interchange Fees Act of 2009
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
WelchSponsor21 cosponsors · 17 D, 4 R
D
Barrow
CC
D
Carney
KE
D
Ellison
SK
D
Kagen
ZL
D
Lofgren
TP
R
Platts
BS
R
Shuster
JA
D
Adler
WJ
R
Jones
LS
D
Sánchez
RB
D
Brady
PT
D
Tonko
JM
D
McGovern
PH
D
Hare
JH
D
Hall
JB
R
Barton
NA
D
Abercrombie
BD
D
Delahunt
NR
D
Rahall
JT
D
Tierney
MH
D
Honda7 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Credit Card Interchange Fees Act of 2009 - Amends the Truth in Lending Act to prohibit specified electronic payment system network practices, including the imposition of: (1) additional charges on merchants and consumers for premium payment cards; (2) certain restrictions on merchants, including chargebacks for transactions on point of sale terminals that…
What it does: CRS summary · Introduced in House · May 13, 2009
Credit Card Interchange Fees Act of 2009 - Amends the Truth in Lending Act to prohibit specified electronic payment system network practices, including the imposition of: (1) additional charges on merchants and consumers for premium payment cards; (2) certain restrictions on merchants, including chargebacks for transactions on point of sale terminals that exceed the allowable amount on such devices; (3) restrictions upon network routing; (4) any requirement to meet a minimum number of transactions in any period; or (5) fees or a related adverse action for failure of the merchant to meet such a minimum transactions requirement.
Requires an electronic payment system network to disclose its contract terms to the merchant, including its complete operating rules, without restricting the merchant's use of such information.
Directs the Federal Trade Commission (FTC) to prescribe regulations to: (1) ensure that the rules, terms, and conditions to which a merchant or consumer is subject under an agreement with an electronic payment system network are neither unfair nor deceptive to consumers and merchants, nor anticompetitive; (2) prohibit any unfair or deceptive act or practice or anticompetitive act or practice that may result from such rule, term, or condition; and (3) regularly review such rules, terms, and conditions.
Directs the Board of Governors of the Federal Reserve System to collect and disseminate to the public: (1) complete information on fees charged by each electronic payment system network in connection with consumer-initiated transactions; and (2) the rules, terms, and conditions to which a merchant or a consumer is subject under an agreement with an electronic payment system network for transactions using payment cards.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Credit Card Interchange Fees Act of 2009
Latest action (Oct 8, 2009): Committee Hearings Held.
Policy area: Finance and Financial Sector · Origin: House · Introduced: May 13, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.