Skip to main content
HR 1909 112th Congress House

FFSCC Charter Act of 2011

Official title: To create a charter for Federal Financial Services and Credit Companies.

Introduced: September 21, 2011 See on congress.gov
Finance and Financial Sector Consumer affairsConsumer creditFederally chartered organizationsFinancial literacy
More subjectsShow fewer subjects
Financial services and investmentsGovernment studies and investigationsSmall businessUser charges and fees
Sign in to write a letter Sign in to watch
This bill died when the 112th Congress ended
It never became law before the 112th Congress (2011–2012) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 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
 Ask about this bill AI · grounded in the bill text

Have a question about what this bill does? Ask in plain English; the answer is drawn from the bill's actual text and official record, and it'll tell you when something isn't in the text rather than guess.

AI answers can be imperfect; always confirm against the full bill text.

 Latest action July 29, 2011

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

 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.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 13
All 13 Democratic 4 Republican 1
Reed, Tom
· Apr 17, 2012
SENSENBRENNER, F.
· Mar 20, 2012
 D
Thompson, Bennie G.
Mississippi · Mar 20, 2012
BARTLETT, ROSCOE
· Mar 5, 2012
Richardson, Laura
· Dec 2, 2011
ROYCE, ED
· Nov 14, 2011
JACKSON, JESSE
· Nov 3, 2011
Renacci, James
· Nov 3, 2011
 D
Johnson, Henry C. "Hank"
Georgia · Sep 21, 2011
 D
McCollum, Betty
Minnesota · Sep 20, 2011
 R
Schweikert, David
Arizona · Sep 20, 2011
 D
Meeks, Gregory W.
New York · May 13, 2011
Schmidt, Jean
· May 13, 2011
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 1909: FFSCC Charter Act of 2011. 112th Congress. Open America. https://openamerica.io/bill/112-HR-1909/
MLA
"H.R. 1909: FFSCC Charter Act of 2011." 112th Congress, 2026, Open America, https://openamerica.io/bill/112-HR-1909/.
Bluebook (legal)
H.R. 1909, 112th Cong. (2026), https://openamerica.io/bill/112-HR-1909/.
Markdown link
[H.R. 1909: FFSCC Charter Act of 2011](https://openamerica.io/bill/112-HR-1909/)
Report a problem