Welch 21-Day CARD Act Bill About to Move Posted by AVCU on 3:48 PM

Congressman Peter Welch’s Washington staff has informed us that his 21-Day CARD Act fix legislation may be taken up in House Financial Services by Chairman Barney Frank as early as this afternoon. Welch’s bill is on the House suspension calendar, meaning that it is non-controversial, will require a two-thirds vote to pass, will have limited floor debate and cannot be amended. Passage of the bill by House Financial Services today or tomorrow sends it to the House floor, where the above-referenced 2/3 vote and other limitations apply. Then it likely moves to the Senate Banking Committee, where its fate is unknown at this time.

As a reminder, Welch’s legislation is essentially a one or two liner that makes a technical correction clarifying that the 21-day statement to due date requirement of the CARD Act is applicable only to credit cards, instead of all open-ended lending products.