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FEDERAL CHARTER H.R. 1566 UPDATE - PowerPoint PPT Presentation


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FEDERAL CHARTER H.R. 1566 UPDATE. Presenter – Mary Jackson. OCC Duties and Powers Ensure Access to Credit Charter Issuance Issue limited purpose, federal charters to Internet Consumer Credit Corporations (ICCCs). Encourage and Facilitate Innovation.

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FEDERAL CHARTER H.R. 1566 UPDATE

Presenter – Mary Jackson

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OCC Duties and Powers

    • Ensure Access to Credit
    • Charter Issuance
    • Issue limited purpose, federal charters to Internet Consumer Credit Corporations (ICCCs).
    • Encourage and Facilitate Innovation.
    • Encourage and Facilitate Business Partnerships and Joint Ventures.
    • Approve ICCC Product Suite
    • Assess Annual Percentage Rate (APR)
    • Bi-Annual Report to Congress
    • Maintains Enforcement Authority of CFPB and States Attorneys General
  • ICCC Duties and Powers
    • Obtain a Federal Charter to Operate Business on a Fifty State Platform
    • Minimum 30 Day Loan Term
    • Maximum $5,000 Unsecured Loan to Individual
    • Maximum $25,000 Secured Loan to Individual
    • $25,000 Maximum to Small Businesses
    • Standard Corporate Powers
    • Ability to offer products of Business Affiliates and Partners
    • Must Comply with All Federal Lending and Consumer Protection Laws
    • Online Lending Only – Direct to Consumer