A bill to amend the Depository Institutions Deregulation and Monetary Control Act of 1980.

Amends the Depository Institutions Deregulation and Monetary Control Act of 1980 to allow creditors to charge on any extension of consumer credit: (1) interest at a rate limited by the constant maturity index on U.S. Government securities; and (2) specified transaction and access fees. Directs the Board of Governors of the Federal Reserve System, not later than 30 days before the beginning of each calendar quarter, to: (1) compute such maximum annual interest rate; and (2) publish such rate in the Federal Register and otherwise disseminate information regarding such rate as it deems appropriate.

Prescribes penalties for the charging of fees in excess of those the creditor would otherwise be permitted to charge and remedies for an individual who has paid such charges, including class action suits.

Prohibits the application of charges described in this Act to open-end credit extensions, unless specified notice requirements are met.