PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Congressional Research Service
Version 00 · 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.
People & committees
Rep. Baca, Joe [D-CA-43] · D–CA
Legislative record
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Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Aug 14, 2025. Consult Congress.gov for the current record.
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