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MONDAY, JULY 11

Philip C. Jackson, Member, Board of Governors, Federal Reserve System..

Jonathan Landers, professor, University of Illinois School of Law---

Ralph Rohner, professor, Catholic University, Columbus School of Law -

Steven Permut, professor, Yale University School of Organization and

Management -

Lewis H. Goldfarb, Acting Assistant Director for Special Statutes, Federal

Trade Commission, accompanied by Lee Peeler-

Garth Marston, Chairman, Federal Home Loan Bank Board.

Thomas W. Taylor, Associate Deputy Comptroller of the Currency for Con-

sumer Affairs...

Harry Blaisdell, Director, Division of Consumer Affairs, National Credit

Union Administration.

Miles A. Cobb, General Counsel, Federal Deposit Insurance Corporation.-

TUESDAY, JULY 12

Mark Silbergeld, director, and Ellen Broadman, attorney, Consumer's

Union, Washington office.

James Boyle, Austin, Tex..

Willard P. Ogburn, staff attorney, National Consumer Law Center, Boston,

Mass.

William H. Clendenen Jr., New Haven, Conn.-

Carol S. Greenwald, commissioner of banks, Commonwealth of Mas-

sachusetts.

James A. McCaffrey, deputy administrator, Department of Consumer

Affairs, State of Oklahoma

Lawrence Connell, Jr., bank commissioner, State of Connecticut.

John E. Quinn, superintendent, Maine Consumer Credit Administration -

WEDNESDAY, July 13

Reuben Johnson, director of legislative services, National Farmers Union.

Glenn E. Heitz, president, Federal Land Bank of St. Louis, on behalf of

the Farm Credit System.

Gerald J. Levy, Milwaukee, Wis., on behalf of the U.S. League of Savings

Associations, accompanied by Joseph Salm, Technical Services Division.

Walter W. Vaughan, Rochester, N.Y., on behalf of the American Banker's

Association, accompanied by William J. O'Connor, Jr.-

Robert B. Evans, general counsel, National Consumer Finance Association.

R. C. Morgan, El Paso, Tex., on behalf of the Credit Union National

Association...

Leslie R. Butler, Philadelphia, Pa., on behalf of the Consumer Bankers

Association, accompanied by David S. Willenzik.

William A. James, Springfield, Mass., on behalf of the National Associa-

tion of Mutual Savings Banks, accompanied by Louis H. Nevins, vice

president and director, Washington office.

John S. Cushman, Minneapolis, Minn., on behalf of the National Retail

Merchants Association, accompanied by Sheldon Feldman, counsel..

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LIST OF WITNESSES—Continued

WEDNESDAY, JULY 13—Continued
William I. Levenson, Baltimore, Md., on behalf of the Natior.a! Home

Furnishings Association, accompanied by Spencer A. Johnson, vice Page
president for Government relations.

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.-

810

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ADDITIONAL STATEMENTS AND DATA
Agricultural loan transactions, reprints of letters requesting exemption

from Truth in Lending Act.
Agristor Credit Corporation, statement and attached decision from the

Fourth Division of the U.S. District Court, District of Minnesota.--
A rican Farm Bureau Federation, statement received for the record----
Connecticut Banking Department, reprint of proposed amendments to

State's rules and regulations concerning disclosure of credit.
Consumer Bankers Association, proposed amendments to Truth in Lend-

ing Act..
Consumer Federation of America, letter detailing position on truth in lend-

ing simplification --
Consumer Reports, reprint of article titled, “How to Save on an Auto

Loan"
Darr, R. A., Columbia, S.C., statement in support of removing agriculture

from truth in lending -
Farm and Industrial Equipment Institute, statement on exemption of

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..
Memorandum analyzing issues in Board's draft bill.
Reprint of proposed bill.
Samples of simplified credit forms.

Sectional analysis of $. 1312, S. 1501, and S. 1653.
Federal Trade Commission, copy of loan company supervisor's instructions

to branch managers on credit life insurance..
First National City Bank, samples of old and new consumer loan notes--
General Motors Acceptance Corp., statement received for the record.
International Consumer Credit Association, letter from James A. Ambrose,

secretary-treasurer
Joint statement dealing with the exemption of agricultural credit from:

Agriculture-Rural America Committee of the Independent Bankers

Association of America..
American Feed Manufacturers Association.
Monsanto Co...
National Association of Credit Management-
N: onal Farm and Power Equipment Dealers Association.-

Sperry Rand Corp--
Maine Department of Business Regulation, Bureau of Consumer Protection,

advisory opinion on incorrect annual percentage rate disclosures Mortgage Bankers Association of America, letter from Oliver H. Jones,

executive vice president--
National Association of Realtors, statement received for the record-
National Automobile Dealers Association, statement received for the

record..
National Bank of Washington, simplified consumer loan note---

372
34
60
29
104

139 938 858

876

899
899
899
899
899
899

415

881
884

904

940

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.-

927

CHARTS AND TABLES

922

Comparison of Connecticut, Massachusetts, Maine, and FDIC truth-in

lending compliance findings Comparison of FDIC compliance findings for exempt and nonexempt

Northeastern States.-
Consumer installment credit outstanding, by holder, yearend, 1970–76.--
Disclosures in loans and credit sales..
Examples from Down Easters' Credit Guide, published by Bureau of Con-

sumer Protection, Augusta, Maine.
Index of consumer'installment loans.
Installment credit disclosure statement.
Security agreement (conditional sales agreement)
What auto loans cost...

922 596 36

516 296 31 29 517

SIMPLIFY AND REFORM THE TRUTH IN

LENDING ACT

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.

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