US Congress House Bill 6139 (Prior Session Legislation)

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Spectrum: Moderate Partisan Bill (Republican 7-2)
Status: Introduced on July 18 2012 - 25% progression, died in committee
Action: 2012-10-01 - Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Pending: House Subcommittee on Financial Institutions and Consumer Credit Committee
Text: Latest bill text (Introduced) [PDF]

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.

Consumer Credit Access, Innovation, and Modernization Act

Rep. Blaine Luetkemeyer [R-MO]	Rep. Joe Baca [D-CA]	Rep. Stephen Fincher [R-TN]	Rep. Walter Jones [R-NC]
Rep. Gregory Meeks [D-NY]	Rep. James Renacci [R-OH]	Rep. David Schweikert [R-AZ]	Rep. Pete Sessions [R-TX]
Rep. Steve Stivers [R-OH]

Date	Chamber	Action
2012-10-01	House	Referred to the Subcommittee on Financial Institutions and Consumer Credit.
2012-07-24	House	Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.
2012-07-18	House	Referred to the House Committee on Financial Services.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/house-bill/6139/all-info
Text	https://www.congress.gov/112/bills/hr6139/BILLS-112hr6139ih.pdf