H.R. 1566: Consumer Credit Access, Innovation, and Modernization Act

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H.R. 1566: Consumer Credit Access, Innovation, and Modernization Act

113th Congress · introduced 2013-04-15 · Finance and Financial Sector · Latest: Committee on Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection. Hearings held.

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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 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.

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

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Alternatives

Needs sources: no published alternatives yet (for example a different bill, a law instead of an amendment, or keeping current law). We only show items backed by a published source. Suggest one.

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Officials and money

Sponsor: Rep. Luetkemeyer, Blaine [R-MO-3] · 18 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Gregory W. Meeks (D-NY), Frederica S. Wilson (D-FL), David Schweikert (R-AZ)

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-113hr1566.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/113/hr>

Record fed-us-cong113-hr1566 · catalog fed-us-congress-bills-cong113 · updated 2026-11-15 by psicol fed-bills-cong113