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H.R. 1909: FFSCC Charter Act of 2011

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H.R. 1909: FFSCC Charter Act of 2011

112th Congress · introduced 2011-05-13 · Finance and Financial Sector · Latest: Referred to the Subcommittee on Financial Institutions and Consumer Credit.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2011-05-13 · official record
  2. Who proposed it: Rep. Baca, Joe [D-CA-43] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Referred to the Subcommittee on Financial Institutions and Consumer Credit. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

FFSCC Charter Act of 2011

Plain summary

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.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

FFSCC Charter Act of 2011

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

Arguments for (supporters)

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Baca, Joe [D-CA-43] · 20 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Gregory W. Meeks (D-NY), David Schweikert (R-AZ), Betty McCollum (D-MN), Henry C. "Hank" Johnson, Jr. (D-GA), Bennie G. Thompson (D-MS)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Sources

Record fed-us-cong112-hr1909 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112