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KF26 B3942 19773a

COMMITTEE ON BANKING, HOUSING AND URBAN AFFAIRS

JOHN SPARKMAN, Alabama, Chairman

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Ms. Betty Furness, commissioner, New York City Department of Con-
sumer Affairs.

Dr. Lewis Mandell, University of Michigan.

Professor John Weistart, professor of law, Duke University.

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TUESDAY, MAY 22

Arthur M. Wood, chairman of the board, Sears, Roebuck & Co.; accompanied
by: Lloyd S. McClelland, secretary and general counsel; and H.R. Lively,
member of the General Credit Office....

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ADDITIONAL STATEMENTS AND DATA

233

American Bankers Association, reprint of remarks of Eugene H. Adams Page
before the Florida Bankers Association, June 23, 1973..
American Dental Association, letter to Senator Sparkman, from Paul W.
Kunkel, Jr., chairman, council on legislation__

American Hotel and Motel Association, statement received for the record.
Bank Americard, advertisements included with billing notices--
Chart showing monthly dollar finance charges-Six different billing
methods...

Consumers Union, letter to Senator Proxmire from Mark Silbergeld,
attorney..

Differences in average monthly dollar finance charges, previous balance
as compared to average daily balance, excluding debits..
Dunkelberg, William C., assistant professor of business economics, Stanford
University, letter to Senator Proxmire, enclosing questionnaire of credit
card use survey.

Federal Reserve System, letter and memorandum on S. 914 and S. 1630
from Arthur F. Burns, Chairman, Board of Governors..
Federal Trade Commission, letter from Lewis A. Engman, Chairman.
Fireman's Fund American Life Insurance Co., application for insurance..
Gulf Oil Co., advertisements included with billing_notices..

Interbank Card Association, letter statement to Senator Proxmire, from
John J. Reynolds, president and chief executive officer.......
International Consumer Credit Association, letter to Senator Proxmire
from James A. Ambrose, secretary-treasurer

J. C. Penney Co., Inc., text of comments made by Kenneth S. Axelson,
vice president and director of finance and administration to the New
York Society of Security Analysts...

National Bank Americard, letter from D. W. Hock, president, enclosing
an analysis of billing methods use in computing finance charges..
National Consumer Finance Association, letter to Senator Proxmire re-
garding class action lawsuits, from Robert B. Norris..
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
Arizona, fiscal year 1970...

400

397

142

324

168

308

325

50

93

139

141

258

428

93

216

119

403

101

105

U.S. Savings & Loan League, letter and statement from Stephen Slipher, legislative director..

399, 430

Universal Air Travel Plan, letter to Federal Reserve Board, from George
A. Buchanan, secretary--

184

Western States Bankcard Association, statement from Roland E. Brandel,
Morrison, Foerster, Holloway, Clinton & Clark..

437

TABLES

Account data by family income groups---
Average cost per problem account for collection activities.

291

292

Average true actuarial annual percentage rate, six billing methods, 865 accounts..

274

Automobile paper held by commercial banks (relationship between purchased paper and direct loans)..

161

Cost analysis of retail store revolving credit, State of Arizona..

114

Credit card use in the United States:

Method of payment of outstanding balance on bank cards.
Method of payment of outstanding balance on store cards.

70

71

Whether pays bank card bill in full within specific groups--
Whether pays store card bill in full within specific groups--

68

69

Differences in average monthly dollar finance charges, previous balance as compared to adjusted balance..

310

Differences in average monthly dollar finance charges, previous balance as compared to average daily balance including debits

312

Differences in average monthly dollar finance charges, six billing methods, 865 accounts...

Differences in average monthly dollar finance charges, previous balance as compared to true actuarial average daily balance..

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Effect of 50-cent minimum charge on average monthly dollar finance charges. Six different billing methods............

Page

322

Empirical data concerning Sears revolving charge account usage in Texas, selected summary statistics, 865 accounts...

303

Number of accounts exceeding true actuarial average-daily balance by billing method-865 accounts...

274

Sears cost-analysis semiannual disclosure.

332

Sears revolving charge account and security agreement...

299

Sears revolving charge analysis, credit use statistics, State of Florida..
Sears Roebuck & Co., customer executive complaint analysis.
Summary of chargebacks received, categorized by reason.

334

344

262

Total dollar finance charge revenue and annual yield under six different billing methods.........

319

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