Consumer Credit Access, Innovation, and Modernization Act
Latest action · Mar 26, 2014 Committee on Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection. Hearings held.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedApr 15, 2013
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Consumer Credit Access, Innovation, and Modernization Act - Directs the Comptroller of the Currency to charter creditors which shall become Internet consumer credit corporations (Internet creditors) to offer financial products or services primarily to underserved consumers and small businesses.
Requires an applicant for a federal charter to submit an application which includes: (1) a business plan for at least a three-year period with its primary business activities serving underserved consumers and small businesses for credit and related financial services through the Internet and electronic devices and not through brick-and-mortar locations, (2) a marketing plan that describes the types of financial products or services such creditor intends to offer, (3) a plan to promptly address complaints from underserved consumers and small businesses, and (4) an adequate capital structure.
Requires the Comptroller to approve or deny applications expeditiously.
Prohibits an Internet creditor from being owned or controlled by any person unless that person meets certain criteria.
Directs the Comptroller to ensure that Internet creditors only provide loans and other financial products or services through the Internet and electronic devices, and primarily focus their business operations on providing underserved consumers a variety of affordable financial products or services that are commercially viable for such creditors, including facilitation of personal savings and enhancement of such consumers' credit record.
Requires the Comptroller also to: (1) supervise and examine the activities of Internet creditors, and (2) adopt safeguards to ensure appropriate privacy and confidentiality protections regarding individually identifiable personal data and proprietary corporate data.
Instructs the Director of the Consumer Financial Protection Bureau (CFPB) to: (1) regulate the offering and provision of consumer financial products or services by Internet creditors pursuant to its authorities under federal consumer financial laws, including the Dodd-Frank Wall Street Reform and Consumer Protection Act; and (2) coordinate with the Comptroller and other federal and state regulatory agencies to promote much greater availability of innovative, affordable, commercially viable credit for underserved consumers and small businesses, as well as consistent regulatory treatment of consumer and small business financial products or services.
Requires Internet creditors to make available to each consumer to whom a financial product or service is being offered: (1) information on how the 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 a loan, including all interest, fees, and loan related charges; and (3) offer a free extended repayment plan at least once yearly to an underserved consumer who is unable to repay an extension of credit with a loan repayment term of less than 120 days.
Subjects an Internet creditor to the enforcement authorities of the Comptroller, the Director, any other federal agency, and state attorneys general.
Makes a conforming amendment to the Truth in Lending Act.
Cosponsors 18
Members who signed on, in the order they did. Signatures ran from Apr 15, 2013 to Jun 5, 2014; 1 is an original cosponsor, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NY | Gregory W. Meeks | Original | Apr 15, 2013 |
| D-NJ | Albio Sires | May 7, 2013 | |
| R-TN | Stephen Lee Fincher | May 7, 2013 | |
| R-NC | Walter B. Jones | May 7, 2013 | |
| R-OH | James B. Renacci | May 15, 2013 | |
| R-FL | Trey Radel | May 15, 2013 | |
| R-OH | Steve Stivers | May 17, 2013 | |
| D-FL | Alcee L. Hastings | May 21, 2013 | |
| D-IL | Bobby L. Rush | Jun 20, 2013 | |
| R-NY | Michael G. Grimm | Jun 27, 2013 | |
| D-FL | Alan Grayson | Jul 18, 2013 | |
| D-FL | Patrick Murphy | Jul 23, 2013 | |
| R-KS | Kevin Yoder | Oct 23, 2013 | |
| D-FL | Frederica S. Wilson | Oct 30, 2013 | |
| R-OH | Brad R. Wenstrup | Mar 13, 2014 |
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Apr 15, 2013 |
| Senate | Banking, Housing, and Urban Affairs Committee | |
| Financial Institutions and Consumer Protection Subcommittee | Hearings Mar 26, 2014 |
Actions 3
Everything that happened, newest first.
- Mar 26, 2014Committee on Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection. Hearings held.
- Apr 15, 2013Introduced in House
- Apr 15, 2013Referred to the House Committee on Financial Services.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the page H2026.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| S. Hrg. 113-456 | ARE ALTERNATIVE FINANCIAL PRODUCTS SERVING CONSUMERS?171 pages | Banking, Housing, and Urban Affairs Committee | Mar 26, 2014 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To create a Federal charter for Internet consumer credit corporations, and for other purposes.
- Short Titles as Introduced
- Consumer Credit Access, Innovation, and Modernization Act
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative law and regulatory procedures
- Bank accounts, deposits, capital
- Banking and financial institutions regulation
- Congressional oversight
- Consumer credit
- Consumer Financial Protection Bureau
- Department of the Treasury
- Federal preemption
- Federally chartered organizations
- Finance and Financial Sector
- Financial services and investments
- Internet and video services
- Internet, web applications, social media
- Small business
- User charges and fees
Text 1
Each version as it was printed, newest first.
- Apr 15, 2013Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.