H.R.1909 - FFSCC Charter Act of 2011

To create a charter for Federal Financial Services and Credit Companies. view all titles (2)

All Bill Titles

  • Official: To create a charter for Federal Financial Services and Credit Companies. as introduced.
  • Short: FFSCC Charter Act of 2011 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
05/13/11
 
 
 
 
 
 
 

Sponsor

B001234

Representative

Joe Baca

D-CA

View Co-Sponsors (20)

Official Summary

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

Official Summary

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.

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