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

About this Bill

This bill was introduced in the 113th Congress
This bill is primarily about finance and financial sector
You can read the bill
Sponsor Blaine Luetkemeyer, R-Mo.
Total Cosponsors 18 (8 Democrats, 10 Republicans)
Introduced April 15, 2013
Latest Major Action March 26, 2014
See it on GovTrack
See it on C-SPAN

Bill Progress

  • Bill introduced in the House   
  • Bill passed in the House   
  • Bill passed in the Senate   
  • Bill signed into law

Bill 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.

Prohi...

(Source: Congressional Research Service)

Bill Actions

Date Description
March 26, 2014 Committee on Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection. Hearings held.
April 15, 2013 Referred to the House Committee on Financial Services.