H.R.6139 - Consumer Credit Access, Innovation, and Modernization Act

To create a Federal charter for National Consumer Credit Corporations, and for other purposes. view all titles (2)

All Bill Titles

  • Official: To create a Federal charter for National Consumer Credit Corporations, and for other purposes. as introduced.
  • Short: Consumer Credit Access, Innovation, and Modernization Act as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
07/18/12
 
 
 
 
 
 
 

Official Summary

Consumer Credit Access, Innovation, and Modernization Act - Directs the Comptroller of the Currency to charter qualified nondepository creditors known as National Consumer Credit Corporations (Credit Corporations) to offer financial products or services. Requires a qualified nondepository c

Official Summary

Consumer Credit Access, Innovation, and Modernization Act - Directs the Comptroller of the Currency to charter qualified nondepository creditors known as National Consumer Credit Corporations (Credit Corporations) to offer financial products or services. Requires a qualified nondepository creditor seeking a federal charter to submit an application which includes in part:
(1) a business plan for at least a three-year period with its primary business activities serving underserved consumers and small businesses;
(2) a market demand forecast, the intended customer base, competition, economic conditions, financial projections, and business risks;
(3) a marketing plan that describes the types of financial products or services such creditor intends to offer; and
(4) adequate capital structure. Directs the Comptroller to:
(1) ensure that Credit Corporations focus their business operations primarily on providing underserved consumers a variety of affordable and commercially viable financial products or services, including some that facilitate personal savings and enhance the credit record of such consumers;
(2) facilitate business partnerships among Credit Corporations, insured depository institutions, other nondepository creditors, third-party service providers and vendors, and nonprofit organizations in order to ensure greater credit access for underserved consumers and small businesses; and
(3) examine and supervise the Credit Corporations. Requires Credit Corporations to make available to each consumer to whom a financial product or service is being offered:
(1) information on how a consumer may obtain financial counseling services, the benefits of following a regular personal savings program, and how consumers can improve their credit ratings;
(2) disclose clearly and conspicuously in the loan agreement the true cost of the loan, including all interest, fees, and loan related charges; and
(3) offer an underserved consumer who is unable to repay an extension of credit with a loan repayment term of less than 120 days, an extended repayment plan, at no cost to the consumer, at least once in a 12-month period. Prohibits specified practices. Prescribes:
(1) a national consumer credit corporation regulatory fee,
(2) a usury limit, and
(3) civil penalties. Grants enforcement powers to the Comptroller and state attorneys general.

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Organizations Supporting H.R.6139

  • Online Lenders Alliance
  • Hispanic Institute
  • Competitive Enterprise Institute

Organizations Opposing H.R.6139

  • U.S. PIRG
  • Americans for Financial Reform
  • Arkansans Against Abusive Payday Lending
  • California Reinvestment Coalition
  • Center for Responsible Lending
  • Consumer Action
  • ...and 12 more. See all.




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