3.0.0 1566 2022-11-15T16:34:54Z 2022-11-15T16:34:54Z House H HR 2013-04-15 113 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. LUETKEMEYER:H.R. 1566.Congress has the power to enact this legislation pursuantto the following:The constitutional authority on which this bill rests isthe explicit power of Congress to regulate commerce in andamong the states, as enumerate in Article 1, Section 8,Clause 3, the Commerce Clause, of the United StatesConstitution.[Page H2026]]]> ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing ssbk08 Financial Institutions and Consumer Protection Subcommittee Hearings by 2014-03-26T14:00:00Z hsba00 Financial Services Committee House Standing Referred to 2013-04-15T16:02:15Z 2014-03-26 ssbk08 Financial Institutions and Consumer Protection Subcommittee Senate Committee on Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection. Hearings held. Committee 2013-04-15 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2013-04-15 Introduced in House IntroReferral Intro-H 9 Library of Congress 2013-04-15 Introduced in House IntroReferral 1000 9 Library of Congress L000569 Rep. Luetkemeyer, Blaine [R-MO-3] Blaine Luetkemeyer R MO 3 N M001137 Rep. Meeks, Gregory W. [D-NY-5] GREGORY MEEKS D NY W. 5 2013-04-15 True S001165 Rep. Sires, Albio [D-NJ-8] Albio Sires D NJ 8 2013-05-07 False F000458 Rep. Fincher, Stephen Lee [R-TN-8] Stephen Fincher R TN Lee 8 2013-05-07 False J000255 Rep. Jones, Walter B., Jr. [R-NC-3] WALTER JONES R NC B. 3 2013-05-07 False R000596 Rep. Radel, Trey [R-FL-19] Trey Radel R FL 19 2013-05-15 False R000586 Rep. Renacci, James B. [R-OH-16] James Renacci R OH B. 16 2013-05-15 False S001187 Rep. Stivers, Steve [R-OH-15] Steve Stivers R OH 15 2013-05-17 False H000324 Rep. Hastings, Alcee L. [D-FL-20] ALCEE HASTINGS D FL L. 20 2013-05-21 False R000515 Rep. Rush, Bobby L. [D-IL-1] BOBBY RUSH D IL L. 1 2013-06-20 False G000569 Rep. Grimm, Michael G. [R-NY-11] Michael Grimm R NY G. 11 2013-06-27 False G000556 Rep. Grayson, Alan [D-FL-9] Alan Grayson D FL 9 2013-07-18 False M001191 Rep. Murphy, Patrick [D-FL-18] Patrick Murphy D FL 18 2013-07-23 False Y000063 Rep. Yoder, Kevin [R-KS-3] Kevin Yoder R KS 3 2013-10-23 False W000808 Rep. Wilson, Frederica S. [D-FL-24] Frederica Wilson D FL S. 24 2013-10-30 False W000815 Rep. Wenstrup, Brad R. [R-OH-2] Brad Wenstrup R OH R. 2 2014-03-13 False C001097 Rep. Cárdenas, Tony [D-CA-29] Tony Cárdenas D CA 29 2014-03-26 False S001183 Rep. Schweikert, David [R-AZ-6] David Schweikert R AZ 6 2014-05-21 False P000588 Rep. Pearce, Stevan [R-NM-2] Stevan Pearce R NM 2 2014-06-05 False Finance and Financial Sector Administrative law and regulatory procedures Bank accounts, deposits, capital Banking and financial institutions regulation Congressional oversight Consumer Financial Protection Bureau Consumer credit Department of the Treasury Federal preemption Federally chartered organizations Financial services and investments Internet and video services Internet, web applications, social media Small business User charges and fees Finance and Financial Sector 00 2013-04-15 Introduced in House 2013-05-15T21:39:25Z 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.

]]> Consumer Credit Access, Innovation, and Modernization Act Display Title Consumer Credit Access, Innovation, and Modernization Act Short Titles as Introduced Consumer Credit Access, Innovation, and Modernization Act Official Title as Introduced To create a Federal charter for Internet consumer credit corporations, and for other purposes. Introduced in House 2013-04-15T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr1566ih/xml/BILLS-113hr1566ih.xml 2014-03-26 Committee on Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection. Hearings held. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.