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H.R. 5942

BillFederalHouseIn Committee
FFSCC Act of 2010
About This Bill
Committee
Latest Action · July 29, 2010
Referred to the House Committee on Financial Services.
Congress
111th (2009–2011)
Introduced
July 29, 2010
Cosponsors (13)
13D 0R
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Summary

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FFSCC Act of 2010 - Authorizes the Comptroller of the Currency to provide for the organization, incorporation, examination, operation, regulation, and chartering of Federal Financial Services and Credit Companies (FFSCCs) to: (1) extend short-term and long-term credit; and (2) implement financial literacy programs. Imposes an annual fee upon FFSCCs payable to the Comptroller to offset the cost of implementing this Act. Directs the Comptroller to: (1) study rates and terms used in the extension of credit; and (2) develop a suite of FSCC financial products that will be fair to underbanked persons and economically viable for FFSCCs to offer.

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