« 이전계속 »
LIST OF WITNESSES—Continued
WEDNESDAY, JULY 13—Continued
Furnishings Association, accompanied by Spencer A. Johnson, vice Page
769 Dan J. Griffin, Finance Business Forms, Chicago, Ill.
795 Frank H. Maier, Atlanta, Ga., on behalf of the Retail Jewelers of America, Inc.
802 H. R. Lively, director of public affairs, general credit office, Sears, Roe
buck & Co., on behalf of the American Retail Federation, accompanied by Milton Schober, counsel.-
ADDITIONAL STATEMENTS AND DATA
from Truth in Lending Act.
Fourth Division of the U.S. District Court, District of Minnesota.--
State's rules and regulations concerning disclosure of credit.
ing simplification --
from truth in lending -
agricultural purpose transactions.. Farm Credit Board of Baltimore, letter from William S. Jackson, director Federal Home Loan Bank Board, letter to Carol S. Greenwald, Massachu
setts Commissioner of Banks.. Federal Land Bank of St. Louis, subsequent letter for the record from
Glenn E. Heitz, president Federal Reserve Board:
Letter to Comptroller of the Currency regarding the requests of the
States of Connecticut and Massachusetts..
Sectional analysis of $. 1312, S. 1501, and S. 1653.
to branch managers on credit life insurance..
Agriculture-Rural America Committee of the Independent Bankers
Association of America..
Sperry Rand Corp--
advisory opinion on incorrect annual percentage rate disclosures Mortgage Bankers Association of America, letter from Oliver H. Jones,
executive vice president--
139 938 858
ADDITIONAL STATEMENTS AND DATA-Continued
National Consumer Law Center, reprint of submitted article titled "Shop- Page ping for Credit in New Orleans: An Exercise in Futility”.
333 National Home Furnishings Association, reprints of sample old and new credit forms-
785 National NOW Action Center, letter from Linda M. Cohen, credit task force coordinator--
916 National Retail Merchants Association:
Notice of change of terms provisions under Federal and State law... 758 Proposed amendment of section 130 of the Truth in Lending Act with respect to civil liability-
755 New Jersey Department of Banking, letter from Commissioner Virginia Long-
918 Production Credit Association of Dodgeville, Wis., letter from Byron Berg, farmer-director...
485 Reprints of newspaper real estate advertising showing promotion of rates other than annual percentage rate.
150 United Student Aid Funds, Inc., statement on regulation 2.
923 Visa U.S.A. Inc., statement received from David A. Wagman, vice president and assistant general counsel.-
CHARTS AND TABLES
Comparison of Connecticut, Massachusetts, Maine, and FDIC truth-in
lending compliance findings Comparison of FDIC compliance findings for exempt and nonexempt
sumer Protection, Augusta, Maine.
922 596 36
516 296 31 29 517
SIMPLIFY AND REFORM THE TRUTH IN
MONDAY, JULY 11, 1977
U.S. SENATE, COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS, SÚBCOMMITTEE ON CONSUMER AFFAIRS,
Washington, D.C. The subcommittee met at 10:05 a.m. in room 5302, Dirksen Senate Office Building, Donald W. Riegle, Jr., chairman of the subcommittee, presiding.
Present: Senators Riegle, Proxmire, Garn, and Schmitt.
STATEMENT OF SENATOR RIEGLE
Senator RIEGLE. The meeting will come to order.
Before we call our first witness today and hear from him, I have a brief statement I would like to make, and I think both my colleagues have introductory statements that they too would like to make.
This morning we begin 3 days of hearings on truth in lending simplification and reform.
Enacted in 1968, truth in lending marked the Congress' first entry into the consumer credit field.
While several consumer statutes have been enacted since then, truth in lending stands out in my mind, because its underlying concept, namely, meaningful disclosure to the consumer, is still as sound and so necessary today.
Of course, the person responsible for truth in lending is seated to my left, and he, Senator Proxmire, deserves the lion's share of credit for other important consumer statutes, as well.
I might say that I do not profess to be a truth-in-lending expert, but I am doing my best to learn and I fully expect to be an expert by the time these hearings are concluded and I have had a chance to counsel with all parties of interest.
I know, for example, that truth in lending has come under heavy criticism for being too complex and technical.
Many creditors have charged that no matter how hard they try to comply, that they are nonetheless subjected to nuisance suits. But there is also very troublesome evidence indicating that even now, 9 years after the act's passage, there is widespread creditor noncompliance. It is also very disconcerting to learn that most people agree that the agencies charged with enforcement have done a rather poor job.
So my mind is open on truth-in-lending reform, and I very much look forward to these hearings.