The Fair Credit Card Act of 1986: Hearing Before the Subcommittee on Financial Institutions and Consumer Affairs of the Committee on Banking, Housing, and Urban Affairs, United States Senate, Ninety-ninth Congress, Second Session, on S. 2140, to Amend the Truth in Lending Act ... S. 2264 ... S. 2421 ... May 21, 1986, Volume 4 |
From inside the book
Results 1-5 of 57
Page 23
... [ The following report and responses to questions of Senators Gorton and D'Amato were subsequently submitted for the record : ] NET EXPENSE INCOME -- $ 5 , 444 , 451,000 23 Response to written questions Senator Gorton Senator D'Amato.
... [ The following report and responses to questions of Senators Gorton and D'Amato were subsequently submitted for the record : ] NET EXPENSE INCOME -- $ 5 , 444 , 451,000 23 Response to written questions Senator Gorton Senator D'Amato.
Page 24
... INCOME -- $ 5 , 444 , 451,000 ---- 3 , 943 , 483 , 000 1 , 172 , 800 , 000- - $ 10 , 560 , 734 , 000 Governor Rice's Responses to Senator Gorton's Questions Q.1 . You. THE NILSON REPORT NUMBER 370 HOW BANK CARDS MADE MONEY IN 1985 ...
... INCOME -- $ 5 , 444 , 451,000 ---- 3 , 943 , 483 , 000 1 , 172 , 800 , 000- - $ 10 , 560 , 734 , 000 Governor Rice's Responses to Senator Gorton's Questions Q.1 . You. THE NILSON REPORT NUMBER 370 HOW BANK CARDS MADE MONEY IN 1985 ...
Page 31
... income from loans and investments , but also gains on investment account securities and noninterest income from activities such as trust depart- ment and deposit account services , among others . Given the fact that many of these other ...
... income from loans and investments , but also gains on investment account securities and noninterest income from activities such as trust depart- ment and deposit account services , among others . Given the fact that many of these other ...
Page 33
... income standards . These restrictions would result in consumers often applying for cards for which they could not possibly qualify . Provision for such qualifying information in the shoppers guide , or for more complete information on ...
... income standards . These restrictions would result in consumers often applying for cards for which they could not possibly qualify . Provision for such qualifying information in the shoppers guide , or for more complete information on ...
Page 88
... income consumers in establishing or re - establishing credit . We recently launched a series of seminars on credit and financial planning for U.S. military personnel stationed abroad , in conjunction with the Department of Defense and ...
... income consumers in establishing or re - establishing credit . We recently launched a series of seminars on credit and financial planning for U.S. military personnel stationed abroad , in conjunction with the Department of Defense and ...
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Common terms and phrases
advertising American Express annual fee annual percentage rate average daily balance balance calculation methods balance computation method bank card bank credit card billing period card holders card interest rates cardholders cash advances cent Citibank competition computing finance consumer credit contract convenience users costs credit card accounts credit card interest credit card issuers credit card plans credit card rate credit card services credit plan credit service charge creditor customers cycle is monthly daily balance method disclose disclosure requirements dollars effective exceed Federal Reserve Board finance charge financial institutions grace period imposed income issue tree legislation Lending Act loan median amount number of days open-end credit outstanding balance payment percent previous balance price differential profits proposed purchases pursuant received Regulation require disclosure result retailer credit card revolving credit seller or holder Senator D'AMATO Senator GORTON statement Subcommittee subsection sumer transaction Truth in Lending unpaid balance
Popular passages
Page 105 - If the billing cycle is not monthly, the maximum charge is that percentage which bears the same relation to the applicable monthly percentage as the number of days in the billing cycle bears to 30. For the purposes of this section, a variation of not more than 4 days from month to month is "the same day of the billing cycle.
Page 97 - Subject to the other provisions of this article, the seller or holder of a retail installment account may charge, receive and collect the finance charge authorized by this chapter. The finance charge shall not exceed the following rates computed on the outstanding balances from month to month: 328 Div.
Page 98 - A charge may be made in each billing cycle which is a percentage of an amount no greater than (a) the average daily balance of the account, (b) the unpaid balance of the account on the same day of the billing cycle, or (c) the median amount within a specified range within which the average daily balance of the account or the unpaid balance of the account on the same day of the billing cycle is included. A charge may be made pursuant to this paragraph only if the seller, subject to...
Page 103 - With respect to a consumer credit sale made pursuant to a revolving charge account, the parties to the sale may contract for the payment by the buyer of a credit service charge not exceeding that permitted in this section. (2) A...
Page 97 - ... (c) If the finance charge so computed is less than one dollar ($1) for any month, one dollar ($1). (d) The finance charge may be computed on a schedule of fixed amounts if as so computed it is applied to all amounts of outstanding balances equal to the fixed amount...
Page 107 - ... day of the billing cycle is included. A charge may be made pursuant to this paragraph only if the seller, subject to classifications and differentiations he may reasonably establish, makes the same charge on all balances within the specified range and if the percentage when applied to the median amount within the range does not produce a charge exceeding the charge resulting from applying that percentage to the lowest amount within the range by more than 8 per cent of the charge on the median...
Page 113 - ... computed upon the outstanding unpaid balance thereunder, from month to month, which need not be a calendar month, or other regular period.
Page 128 - The average daily unpaid balance of the open end account in the billing cycle for which the charge is made, which is the sum of the amount unpaid each day during that cycle divided by the number of days in that cycle. The amount unpaid on a day is determined by adding to any balance unpaid as of the beginning of that day all advances and other debits and deducting all payments and other credits made or received as of that day.
Page 141 - The validity of a contract will be sustained against the charge of usury if it provides for a rate of interest that is permissible in a state to which the contract has a substantial relationship and is not greatly in excess of the rate permitted by the general usury law of the state of the otherwise applicable law under the rule of § 188".
Page 100 - Revolving charge account" means an arrangement between a seller and a buyer pursuant to which (1) the seller may permit the buyer to purchase goods or services on credit either from the seller or pursuant to a seller credit card, (2) the unpaid balances of amounts financed arising from purchases and the credit service and other appropriate charges are debited to an account, (3) a credit service charge if made is not precomputed but is computed on the outstanding unpaid balances of the buyer's account...