INACCURATE AND UNFAIR BILLING PRACTICES HEARINGS BEFORE THE SUBCOMMITTEE ON CONSUMER CREDIT OF THE COMMITTEE ON BANKING, HOUSING AND URBAN AFFAIRS UNITED STATES SENATE NINETY-THIRD CONGRESS FIRST SESSION ON S. 1630 and S. 914 TO AMEND THE TRUTH IN LENDING ACT TO PROTECT 96-687 O MAY 21, 22, 23, AND 24, 1973 Printed for the use of the Committee on Banking, Housing U.S. GOVERNMENT. PRINTING OFFICE WASHINGTON: 1978 COMMITTEE ON BANKING, HOUSING AND URBAN AFFAIRS JOHN SPARKMAN, Alabama, Chairman WILLIAM PROXMIRE, Wisconsin J. BENNETT JOHNSTON, JR., Louisiana JOHN TOWER, Texas WALLACE F. BENNETT, Utah EDWARD W. BROOKE, Massachusetts BOB PACKWOOD, Oregon BILL BROCK, Tennessee ROBERT TAFT, JR., Ohio LOWELL P. WEICKER, JR., Connecticut DUDLEY L. O'NEAL, Jr., Staff Director and General Counsel SUBCOMMITTEE ON CONSUMER CREDIT WILLIAM PROXMIRE, Wisconsin, Chairman JOHN SPARKMAN, Alabama J. BENNETT JOHNSTON, JR., Louisiana WILLIAM D. HATHAWAY, Maine BILL BROCK, Tennessee KENNETH A. MCLEAN, Professional Staff Member (II) Ms. Betty Furness, commissioner, New York City Department of Con- Dr. Lewis Mandell, University of Michigan. Professor John Weistart, professor of law, Duke University... Ms. Gladys Kessler, Consumer Federation of America; accompanied by Fairfax Leary, Jr., Visiting professor of law, University of Pennsylvania; accompanied by: Ms. Nina Segrè___ Mark Silbergeld, attorney, Consumer Union, Washington Office---- George A. Buchanan, representing Air Transport Association of America; accompanied by Jerome F. Huisentruit, assistant general counsel, Air Transport Association, and counsel for the Universal Air Travel Plan... Robert B. Norris, general counsel, National Consumer Finance Associa- S. Lees Booth, senior vice president, National Consumer Finance Associa- Kenneth V. Larkin, American Bankers Association.. Robert B. Doyle, first vice president, Consumer Bankers Association.. John J. Reynolds, Interbank Card Association Arthur M. Wood, chairman of the board, Sears, Roebuck & Co.; accompanied by: Lloyd S. McClelland, secretary and general counsel; and H.R. Lively, Leonard O. Gay, National Home Furnishing Association.. ADDITIONAL STATEMENTS AND DATA American Bankers Association, reprint of remarks of Eugene H. Adams American Hotel and Motel Association, statement received for the record. Consumers Union, letter to Senator Proxmire from Mark Silbergeld, Differences in average monthly dollar finance charges, previous balance Federal Reserve System, letter and memorandum on S. 914 and S. 1630 J. C. Penney Co., Inc., text of comments made by Kenneth S. Axelson, National Bank Americard, letter from D. W. Hock, president, enclosing National Consumer Law Center, statement of Blair C. Shick_ Sears Roebuck & Co., annual report_- Touche Ross & Co., cost analysis of retail store revolving credit, State of Effect of 50-cent minimum charge on average monthly dollar finance Empirical data concerning Sears revolving charge account usage in Texas, 303 Sears revolving charge analysis, credit use statistics, State of Florida.. Sears Roebuck & Co., customer executive complaint analysis.. Total dollar finance charge revenue and annual yield under six different 319 |