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Legal and Regulatory:
Pending Legislation of Interest

Select these sites for pending legislation related to banks and banking.

The U.S. House of Representatives Committee on Financial Services is responsible for:

Banks and banking, including deposit insurance and Federal monetary policy,
Economic Stabilization, defense production, renegotiation, and control of the price of commodities, rents, and services,
Financial aid to commerce and industry (other than transportation),
Insurance generally,
International finance,
International financial and monetary organizations,
Money and credit, including currency and the issuance of notes and redemption thereof; gold and silver, including the coinage thereof; valuation and revaluation of the dollar,
Public and private housing,
Securities and exchanges, and
Urban development. top

The U.S. Senate Committee on Banking, Housing and Urban Affairs has jurisdiction over

Banks, banking, and financial institutions,

Control of prices of commodities, rents and services,

Deposit insurance,

Economic stabilization and defense production,

Export and foreign trade promotion,

Export controls,

Federal monetary policy, including the Federal Reserve System,

Financial aid to commerce and industry,

Issuance and redemption of notes,

Money and credit, including currency and coinage,

Nursing home construction,

Public and private housing (including veterans housing),

Renegotiation of Government contracts, and

Urban development and urban mass transit.

The Committee also studies and reviews on a comprehensive basis, matters relating to international economic policy as it affects United States monetary affairs, credit, and financial institutions; economic growth, urban affairs, and credit, and report thereon from time to time.

(from)

http://occ.gov/law/Pendinglegislation.htm

***

My Note – I found this list above because these are the legislators that have authority over the credit cards that are increasing the interest rates on outstanding balances from 14% up to 31% and sometimes, even more. This is continuing despite the new package of regulations preventing and prohibiting it which was passed early last year and was going to go into effect by January, then was going to go into effect early last August or December 2009, and then finally, will now go into effect on February 22, 2010.

(And this – )

Legal and Regulatory:

Code of Federal Regulations

Banks and Banking

12 CFR Parts 1 to 199

Part #1 Investment securities
Part #2 Sales of credit life insurance
Part #3 Minimum capital ratios; issuance of directives
Part #4 Organization and functions, availability and releases of information, contracting outreach program
Part #5 Rules, policies, and procedures for corporate activities
Part #6 Prompt corrective action
Part #7 Interpretive rulings
Part #8 Assessment of fees; national banks; District of columbia banks
Part #9 Fiduciary activities of national banks
Part #10 Municipal securities dealers
Part #11 Securities Exchange Act disclosure rules
Part #12 Recordkeeping and configuration requirements for securities transactions
Part #13 Government securities sales practices
Part #14 Consumer Protections for Depository Institution Sales of Insurance
Part #16 Securities offering disclosure rules
Part #18 Disclosure of financial and other information by national banks
Part #19 Rules of practice and procedure
Part #21 Minimum security devices and procedures, reports of suspicious activities, and Bank Secrecy Act Compliance Program
Part #22 Loans in areas having special flood hazards
Part #23 Leasing
Part #24 Community development corporations, community development projects, and other public welfare investments
Part #25 Community Reinvestment Act and Interstate Deposit Production regulations
Part #26 Management official interlocks
Part #27 Fair housing home loan data system
Part #28 International banking activities
Part #30 Safety and soundness standards
Part #31 Extensions of credit to insiders and transactions with affiliates
Part #32 Lending Limits
Part #34 Real estate lending and appraisals
Part #35 Disclosure and Reporting of CRA Related Agreements
Part #37 Debt Cancellation Contracts and Debt Suspension Agreements
Part #40 Privacy of Consumer Financial Information
Part #41 Fair Credit Reporting Regulations
*Parts 37 and 41 are proposed. Parts 15, 17, 20, 29, 33, 36, 38, 39, 42-199 are reserved.
12 C.F.R. Part 1
Investment Securities
12 C.F.R. Part 2
Sales of Credit Life Insurance
12 C.F.R. Part 3
Minimum Capital Ratios; Issuance of Directives; including Appendix A, Risk-Based Capital Guidelines, and Appendix B, Risk-Based Capital Guidelines; Market Risk Analysis
12 C.F.R. Part 4
Organization and Functions, Availability and Release of Information, Contracting Outreach Program
12 C.F.R. Part 5
Rules, Policies, and Procedures for Corporate Activities
12 C.F.R. Part 6
Prompt Corrective Action
12 C.F.R. Part 7
Bank Activities and Operations
12 C.F.R. Part 8
Assessment of Fees
12 C.F.R. Part 9
Fiduciary Activities of National Banks
12 C.F.R. Part 10
Municipal Securities Dealers
12 C.F.R. Part 11
Securities Exchange Act Disclosure Rules
12 C.F.R. Part 12
Recordkeeping and Confirmation Requirements for Securities Transactions
12 C.F.R. Part 13
Government Securities Sales Practices
12 C.F.R. Part 14
Consumer Protection in Sales of Insurance
12 C.F.R. Part 16
Securities Offering Disclosure Rules
12 C.F.R. Part 18
Disclosure of Financial and Other Information by National Banks
12 C.F.R. Part 19
Rules of Practice and Procedure
12 C.F.R. Part 21
Minimum Security Devices and Procedures, Reports of Suspicious Activities, and Bank Secrecy Act Compliance Program
12 C.F.R. Part 22
Loans in Areas Having Special Flood Hazards
12 C.F.R. Part 23
Leasing
12 C.F.R. Part 24
Community Development Corporations, Community Development Projects, and Other Public Welfare Investments
12 C.F.R. Part 25
Community Reinvestment Act and Interstate Deposit Production Regulations
CRA Ratings
CRA Notice
12 C.F.R. Part 26
Management Official Interlocks
12 C.F.R. Part 27
Fair Housing Home Loan Data System
12 C.F.R. Part 28
International Banking Activities
12 C.F.R. Part 30
Safety and Soundness Standards
12 C.F.R. Part 31
Extensions of Credit to Insiders and Transactions with Affiliates
12 C.F.R. Part 32
Lending Limits
12 C.F.R. Part 34
Real Estate Lending and Appraisals
12 C.F.R. Part 35
Disclosure and Reporting of CRA Related Agreements
12 C.F.R. Part 40
Privacy of Consumer Financial Information
[END FILE]

(from -)

http://occ.gov/cra/craindx.htm

http://occ.gov/cra/craindx.htm

***

Rights, Laws, and Reference Materials
Access information regarding additional consumer information, laws and regulations, and reference materials.

http://occ.gov/sites.htm

OCC Public Information Room
The OCC’s public information room provides immediate access to public OCC documents and publications.

http://occ.gov/
Office of the Comptroller of the Currency
file a complaint about credit cards increasing interest on outstanding balances
law prohibiting these increases will go into effect Feb. 22, 2010
(from Clark Howard, 01-30-10, on Headline News – CNN/HLN)
Comptroller of the Currency
Administrator of National Banks,
Department of the Treasury
http://occ.gov/

http://occ.gov/customer.htm
Consumer Complaints and Assistance

Making Home Affordable
Relief for responsible homeowners is one step closer under the Treasury’s “Making Home Affordable” plan. For more, visit www.makinghomeaffordable.gov

HelpWithMyBank.gov
HelpWithMyBank.gov provides answers and assistance to customers of national banks. The site includes answers to common questions and helps walk people through the process of contacting the OCC for additional assistance. Visit the site

Contact OCC CAG

* Toll Free: 1-800-613-6743
* TDD Number 713-658-0340
* FAX: 713-336-4301
* Hours: 8 a.m. – 8 p.m., Eastern, Monday-Friday
* Mail: Customer Assistance Group,
1301 McKinney Street, Suite 3450
Houston, TX 77010

Forms
Online Customer Complaint Form (Recommended)
Complaint Form (PDF)
En Español (PDF)

CAG Brochures
Customer Assistance Brochure (PDF 188KB)
En Espanol (PDF 195KB)

Forms
Online Customer Complaint Form (Recommended)
Complaint Form (PDF)
En Español (PDF)

CAG Brochures
Customer Assistance Brochure (PDF 188KB)
En Espanol (PDF 195KB)

https://appsec.helpwithmybank.gov/olcc_form/
complaint form page online

(from )

http://occ.gov/consumernews.htm

**

The Office of the Comptroller of the Currency was created by Congress to charter national banks, to oversee a nationwide system of banking institutions, and to assure that national banks are safe and sound, competitive and profitable, and capable of serving in the best possible manner the banking needs of their customers.

**

NR 2009-99
FOR IMMEDIATE RELEASE
August 26, 2009     Contact: Dean DeBuck
(202) 874-5770

OCC Issues Additional Guidance on Credit Card Account Rate Increases

WASHINGTON — The Office of the Comptroller of the Currency (OCC) issued a bulletin today on provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit CARD Act). The bulletin describes an interim final rule issued by the Federal Reserve Board that requires banks to notify customers 45 days in advance of any rate increase or significant changes in credit card account terms. The rules also require lenders to disclose that their customers have the right to reject those changes.

However, under the rules, the new rates or terms can be applied to any transaction that occurs more than 14 days after the notice is provided – even if the customer ultimately rejects the changes. The rules do not require creditors to tell their customers that new terms can be applied during the 45-day period.

Until the issue is clarified in Federal Reserve rulemaking, the OCC is directing national banks to include an additional disclosure to notify consumers of this consequence. The OCC believes that this additional disclosure will prevent consumer confusion, particularly for customers who opt to reject the changes in terms.

Today’s bulletin is the second guidance that the OCC has issued about the Credit CARD Act. On July 30, the OCC issued Bulletin 2009-25 to remind national banks that effective August 22, 2010, they must conduct periodic reviews of accounts whose interest rates have been increased since January 1, 2009, based on factors including market conditions and borrower credit risk. If such factors have changed, the Credit CARD Act requires that the rates on the accounts must be reduced. The OCC required national banks to maintain and have available information concerning any rate increases as needed to conduct the required periodic reviews.

http://occ.gov/ftp/release/2009-99.htm

***

My Note –

It will take a class action suit against the banking and financial institutions for this to change. Apparently the new regulations and reform promised were hindered by the blinding light of the bankers, hedge fund managers, financial executives and their powerful, well-funded lobbyists. The abilities they have to charge themselves nothing in interest or liabilities, while pecking the skin off everybody else in the population to get our nickels and dimes and dollars until no one has anything except for the financial players, is astounding. They have no reason to learn any differently than they have been playing it.

There are no safeguards to insure fair trade, fair consumer practices and a level playing field for the rest of us. And, the bankers and investment / financial institutions, including the credit card companies will continue to drive human lives, families, communities and most of the population straight into generations of poverty while they lavish gifts and the riches of kings upon themselves.

Oh, Marie,    –  Marie Antoinette,

Why did you lose your head?

– cricketdiane

***

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