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

Apr 15, 2013
Referred to Committee
4% chance of being enacted
Track this bill
Blaine Luetkemeyer
Representative for Missouri's 3rd congressional district
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Last Updated
Apr 15, 2013
40 pages
Related Bills
H.R. 6139 (112th) was a previous version of this bill.

Referred to Committee
Last Action: Jul 18, 2012


This bill was assigned to a congressional committee on April 15, 2013, which will consider it before possibly sending it on to the House or Senate as a whole.

Introduced Apr 15, 2013
Referred to Committee Apr 15, 2013
Reported by Committee ...
Passed House ...
Passed Senate ...
Signed by the President ...

14% chance of getting past committee.
4% chance of being enacted.

Only 11% of bills made it past committee and only about 3% were enacted in 2011–2013. [show factors | methodology]

Full Title

To create a Federal charter for Internet consumer credit corporations, and for other purposes.


No summaries available.

16 cosponsors (8D, 8R) (show)

House Financial Services

The committee chair determines whether a bill will move past the committee stage.

Primary Source

THOMAS.gov (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here. Data comes via the congress project.


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H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

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.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

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