National Commission of Consumer Finance: Hearings, Ninety-third Congress, First Session...

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Page 106 - The Board shall by regulation exempt from the requirements of this chapter any class of credit transactions within any State if it determines that under the law of that State that class of transactions is subject to requirements substantially similar to those imposed under this chapter, and that there is adequate provision for enforcement.
Page 73 - This title does not annul, alter, or affect, or exempt any creditor from complying with, the laws of any State relating to the disclosure of information in connection with credit transactions, except to the extent that those laws are inconsistent with the provisions of this title or regulations thereunder, and then only to the extent of the inconsistency.
Page 136 - The adequacy of existing arrangements to provide consumer credit at reasonable rates. (2) The adequacy of existing supervisory and regulatory mechanisms to protect the public from unfair practices, and insure the informed use of consumer credit. (3) The desirability of Federal chartering of consumer finance companies, or other Federal regulatory measures.
Page 184 - There is no logical reason to select any type of product or service sold by a retailer and legally require it to be sold at a loss. When credit is selected as the required loss leader, the burden of subsidy falls primarily on cash buyers, some of whom may have been unable to obtain credit. Thus state laws that put the price of credit below competitive rates are forcing both the wealthy and the less affluent, who do not use or cannot obtain credit, to subsidize the use of credit by others.
Page 79 - Act provides that all charges, including "points" and "discounts" payable directly or indirectly by the borrower and imposed directly or indirectly by the creditor are finance charges.
Page 34 - ... systems may pioneer a similar role in the experimental point-of-sale terminals. Such terminals, now linked to a single bank's computer and energized by a unique credit-card authorization system, with appropriate standards and interlinkage, may potentially provide merchants and consumers with a convenient means of consummating transactions at the point of sale over a broad range of merchants and financial institutions and over large geographic areas. These transactions encompass use of an electronic...
Page 109 - But that is not the only way that institutions get shaped. Sometimes they are simply the sum of the historical accidents that have happened to them. Like the sand dunes in the desert, they are shaped by influences but not by purposes.
Page 36 - ... local networks to assure that a satisfactory degree of security is being maintained and that the capability for interfacing with the national network is obtained. Since the payments mechanism will evolve continuously, the Federal Reserve should expect to continue its participation in this evolutionary process in order to assure the desired development and coordination of the payments system, to insure the continued competition among providers of financial services, and to protect th* public interest.
Page 170 - ... have been unable to obtain credit. Thus state laws that put the price of credit below competitive rates are forcing both the wealthy and the less affluent, who do not use or cannot obtain credit, to subsidize the use of credit by others. Such laws also tend to discourage those who can obtain credit from using cash to buy goods. In the Commission's view, lowering rate ceilings on revolving credit below 1% percent per month has on balance been contrary to the best interests of consumers.
Page 106 - Advertisement" means any commercial message in any newspaper, magazine, leaflet, flyer or catalog, on radio, television or public address system, in direct mail literature or other printed material, on any interior or exterior sign or display, in any window display, in any point-of-transaction literature or price tag which is delivered or made available to a customer or prospective customer in any manner whatsoever.

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