H.R. 1909 · 112th Congress
FFSCC Charter Act of 2011
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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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BacaSponsor20 cosponsors · 10 D, 10 R
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Meeks
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Schmidt
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Sires
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McCollum
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Schweikert
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Chabot
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Johnson
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Jackson
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Renacci
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Royce
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Clay
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Luetkemeyer
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Richardson
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Bartlett
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Sensenbrenner
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Thompson
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Jones
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Reed
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Jackson Lee
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Rush3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in House · May 13, 2011
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: FFSCC Charter Act of 2011
Latest action (Jul 29, 2011): Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Policy area: Finance and Financial Sector · Origin: House · Introduced: May 13, 2011
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.