the proceeding so as not to interfere 
with any action, including any rule-
making, undertaken by the Comp-
troller. 
(B) COMPTROLLER
RESPONSE.—In any 
action described brought by a State attorney 
general or State regulator, the Comptroller 
may— 
(i) intervene in the action as a party; 
and 
(ii) upon intervening— 
(I) remove the action to the ap-
propriate United States district court, 
if the action was not originally 
brought there; 
(II) be heard on all matters aris-
ing in the action; and 
(III) appeal any order or judg-
ment, to the same extent as any other 
party in the proceeding may. 
(4) REGULATIONS.—The Comptroller shall pre-
scribe regulations to implement the requirements of 
this subsection and, from time to time, provide guid-
ance in order to further coordinate actions with the 
State attorneys general and other regulators. 
VerDate Mar 15 2010 
03:22 Jul 20, 2012
Jkt 019200
PO 00000
Frm 00028
Fmt 6652
Sfmt 6201
E:\BILLS\H6139.IH
H6139
jbell on DSK7SPTVN1PROD with BILLS
(5) PRESERVATION OF STATE AUTHORITY.—No 
provision of this Act shall be construed as modi-
fying, limiting, or superseding the operation of any 
provision of any enumerated Federal consumer fi-
nancial protection law listed under section 1002(12) 
of the Consumer Financial Protection Act of 2010 
(12 U.S.C. 5482(12)) and regulations prescribed 
pursuant to such laws that relates to the authority 
of a State attorney general or State regulator to en-
force such Federal law and regulations. 
(m) PENALTIES.—Whoever knowingly violates any 
provision of this Act, or regulation prescribed pursuant to 
this Act, shall be fined not more than $10,000 for each 
day such violation occurs, and the Comptroller, in connec-
tion with its ongoing regulation and supervision program, 
may also establish and impose other reasonable penalties 
for violations of this Act, regulations prescribed pursuant 
to this Act, or orders or supervisory mandates, including 
cease and desist orders, issued by the Comptroller. 
(n) REPORTS TO CONGRESS.—Not later than 180 
days after the date of effective date of this Act, and annu-
ally for 5 years thereafter, the Comptroller shall submit 
to Congress a report on its activities and progress with 
approving Credit Corporations pursuant to subsection (b) 
VerDate Mar 15 2010 
03:22 Jul 20, 2012
Jkt 019200
PO 00000
Frm 00029
Fmt 6652
Sfmt 6201
E:\BILLS\H6139.IH
H6139
jbell on DSK7SPTVN1PROD with BILLS
and approving financial products or services pursuant to 
subsection (f), and such reports shall include— 
(1) a descriptive summary of the actions of the 
Comptroller during the reporting period to carry out 
the purposes of this Act; 
(2) the number of charter applications and 
product approval submissions received by the Comp-
troller; 
(3) the number of such applications and sub-
missions that were approved or disapproved, includ-
ing a detailed explanation for each disapproval, or 
are pending; 
(4) a description of any further actions the 
Comptroller intends to undertake to— 
(A) facilitate the chartering of qualified 
nondepository institutions; and 
(B) increase the number of financial prod-
ucts that are approved to help increase competi-
tion and consumer choice for underserved con-
sumers; and 
(5) any recommendations the Comptroller may 
have regarding other legislative measures that would 
improve the ability of a Credit Corporation to pro-
vide additional financial products or services to un-
derserved consumers or small businesses. 
VerDate Mar 15 2010 
03:22 Jul 20, 2012
Jkt 019200
PO 00000
Frm 00030
Fmt 6652
Sfmt 6201
E:\BILLS\H6139.IH
H6139
jbell on DSK7SPTVN1PROD with BILLS
(o) REGULATIONS.—The Comptroller shall prescribe 
regulations implementing the provisions of this Act not 
later than 180 days after the effective date of this Act. 
SEC. 4. DEFINITIONS. 
In this Act: 
(1) AFFILIATE.—The term ‘‘affiliate’’ means 
any person that controls, is controlled by, or is 
under common control with another person. 
(2) 
AFFORDABLE.—The 
term 
‘‘affordable’’ 
means that a creditor has a reasonable expectation 
that a consumer will be able to repay an extension 
of credit. 
(3) COMMERCIALLY VIABLE.—The term ‘‘com-
mercially viable’’ means that a reasonable economic 
profit is expected to be made when a financial prod-
uct or service is provided to a consumer or small 
business. 
(4) COMPTROLLER.—The term ‘‘Comptroller’’ 
means the Comptroller of the Currency. 
(5) CONSUMER.—The term ‘‘consumer’’ means 
an individual or agent, trustee, or representative act-
ing on behalf of an individual. 
(6) CONTROL
AND
CONTROLLED
BY.—The 
terms ‘‘control’’ and ‘‘controlled by’’ mean that— 
VerDate Mar 15 2010 
03:22 Jul 20, 2012
Jkt 019200
PO 00000
Frm 00031
Fmt 6652
Sfmt 6201
E:\BILLS\H6139.IH
H6139
jbell on DSK7SPTVN1PROD with BILLS
(A) a person directly or indirectly or acting 
through 1 or more other persons owns, controls, 
or has power to vote 25 per centum or more of 
any class of voting stock of a company; 
(B) a person controls in any manner the 
election of a majority of the directors or trust-
ees of a company; or 
(C) the Comptroller makes a determina-
tion, after notice and opportunity for hearing, 
that a person directly or indirectly exercises a 
controlling influence over the management or 
policies of a company. 
(7) CREDIT.—The term ‘‘credit’’ means the 
right granted by a person to a consumer or a small 
business to defer payment of a debt, incur debt and 
defer its payment, or purchase property or services 
and defer payment for such purchase. 
(8) CREDITOR.—The term ‘‘creditor’’ has the 
same meaning as is given such term in section 
103(g) of the Truth in Lending Act (15 U.S.C. 
1602(g)), and for purposes of this Act, shall include 
a person who extends credit to a small business pur-
suant to the provisions of this Act. 
(9) EXTENDED REPAYMENT PLAN.—The term 
‘‘extended repayment plan’’ means an installment 
VerDate Mar 15 2010 
03:22 Jul 20, 2012
Jkt 019200
PO 00000
Frm 00032
Fmt 6652
Sfmt 6201
E:\BILLS\H6139.IH
H6139
jbell on DSK7SPTVN1PROD with BILLS