H.R. 6139: Consumer Credit Access, Innovation, and Modernization Act

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H.R. 6139: Consumer Credit Access, Innovation, and Modernization Act

112th Congress · introduced 2012-07-18 · Finance and Financial Sector · Latest: Referred to the Subcommittee on Financial Institutions and Consumer Credit.

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Official title

Consumer Credit Access, Innovation, and Modernization Act

Plain summary

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.

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

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Officials and money

Sponsor: Rep. Luetkemeyer, Blaine [R-MO-9] · 8 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

David Schweikert (R-AZ), Gregory W. Meeks (D-NY), Pete Sessions (R-TX)

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

• Congressional Research Service summary (Introduced in House)
• Congress.gov
• Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-112hr6139.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/112/hr>

Record fed-us-cong112-hr6139 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112