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Reprinted from September 1999 ABI Journal

Web posted and Copyright © September 1, 1999, American Bankruptcy Institute.

  • Senate Majority Leader Trent Lott has announced his intention to call up S. 625 soon after Congress returns in September. A number of amendments are possible; Senate rules are very generous in what can be deemed germane amendments.
  • Language from two other pending bills may be considered as floor amendments. The Financial Institutions Insolvency Improvements Act (S. 958, by Sen. Bennett) is based on recommendations from the President's Working Group on Financial Markets and is supported by the financial community. It would enhance the ability to "net out" or "cross product net" certain financial contracts (such as swaps, forward contracts, contracts for securities, commodities or repurchase agreements) in the event a party becomes insolvent. The amendments modernize changes to the Code that were added in 1990.
  • The Consumer Credit Card Protection Amendments (S. 787, by Sen. Schumer) amend the Truth in Lending Act (TILA) to provide more complete disclosures regarding the effect of making only minimum monthly payments. It would also require more disclosures to consumers on Internet-based solicitations, "teaser rates" and interest rate hikes. The amendments would forbid inactivity fees, over-the-limit fees or fees for paying balances in full, and bar credit cards to those under 21 years of age without independent means of financial support. TILA is under the jurisdiction of the Senate Banking Committee, and these amendments are likely to be resisted by Sen. Phil Gramm (R-TX), who chairs that committee.
  • Join the online discussions at ABI World's Business Bankruptcy Discussion Board on bankruptcy appellate procedure, asset-backed securitizations, reversal of the Catapult decision and more.


 

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