H.R.5942 - FFSCC Act of 2010111th Congress (2009-2010)
Summary: H.R.5942 — 111th Congress (2009-2010)
Introduced in House (07/29/2010)
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.