HR 1909 112th Congress House Finance and Financial Sector Consumer affairs Consumer credit Federally chartered organizations Financial literacy Financial services and investments Government studies and investigations Small business User charges and fees

FFSCC Charter Act of 2011

Introduced: May 13, 2011 See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jul 29, 2011

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

May 13, 2011

Referred to the House Committee on Financial Services.

May 13, 2011

Introduced in House

Plain-English summary Congressional Research Service

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.

What's happening now July 29, 2011

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

Committees of jurisdiction 2