A bill to require the establishment of a credit card safety star rating system for the benefit of consumers, and for other purposes.
Credit Card Safety Star Act of 2007 - Amends the Truth in Lending Act to direct the Board of Governors of the Federal Reserve System to promulgate rules to implement a Safety Star System, with one to five stars, to allow consumers to compare quickly and easily the terms, conditions, and levels of safety associated with various open end credit plan agreements.
Specifies a point structure for rating credit cards.
Assigns an automatic one-star rating (the lowest level of safety) to any open end credit plan: (1) that allows the card issuer to modify the terms of the agreement with a cardholder at any time or periodically for unspecified or unstated reasons; or (2) under which other accounts, or changes by a third party in the cardholder's credit rating, are used as a basis for adverse changes in the agreement (including universal default).
Establishes the Credit Card Safety Star Advisory Commission.
Referred to the House Committee on Financial Services.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S14789-14790)
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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