US Congress House Bill 1909 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on May 13 2011 - 25% progression, died in committee
Action: 2011-07-29 - Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Pending: House Subcommittee on Financial Institutions and Consumer Credit Committee
Text: Latest bill text (Introduced) [PDF]

FFSCC Charter Act of 2011 - Directs the Comptroller of the Currency to: (1) provide for the establishment and chartering of Federal Financial Services and Credit Companies (FFSCCs); and (2) ensure that credit alternatives are available to the underbanked. Prescribes eligibility criteria for an FFSCC charter. Subjects FFSCCs to specified requirements, including: (1) credit disclosures; (2) account access; (3) financial literacy programs; (4) a comprehensive array of financial services to the underbanked, unbanked, and consumers with low credit scores; and (5) grant of access to credit products predominately to unbanked or underbanked consumers. Subjects FFSCCs to an annual fee to offset the cost of implementing this Act. Directs the Comptroller to: (1) draft approved, model product and disclosure forms that may be utilized by FFSCCs with any approved credit products or services; (2) study rates and terms used in the extension of credit; and (3) develop a suite of FSCC financial products for underbanked persons which contain transparent and full disclosure of all related fees and terms, and are economically viable for FFSCCs to offer.

FFSCC Charter Act of 2011

Rep. Joe Baca [D-CA]	Rep. Roscoe Bartlett [R-MD]	Rep. Steve Chabot [R-OH]	Rep. Lacy Clay [D-MO]
Rep. Sheila Jackson-Lee [D-TX]	Rep. Jesse Jackson [D-IL]	Rep. Henry Johnson [D-GA]	Rep. Walter Jones [R-NC]
Rep. Blaine Luetkemeyer [R-MO]	Rep. Betty McCollum [D-MN]	Rep. Gregory Meeks [D-NY]	Rep. Tom Reed [R-NY]
Rep. James Renacci [R-OH]	Rep. Laura Richardson [D-CA]	Rep. Edward Royce [R-CA]	Rep. Bobby Rush [D-IL]
Rep. Jean Schmidt [R-OH]	Rep. David Schweikert [R-AZ]	Rep. James Sensenbrenner [R-WI]	Rep. Albio Sires [D-NJ]
Rep. Bennie Thompson [D-MS]

Date	Chamber	Action
2011-07-29	House	Referred to the Subcommittee on Financial Institutions and Consumer Credit.
2011-05-13	House	Referred to the House Committee on Financial Services.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/house-bill/1909/all-info
Text	https://www.congress.gov/112/bills/hr1909/BILLS-112hr1909ih.pdf