I 
112TH CONGRESS 
1ST SESSION H. R. 1909 
To create a charter for Federal Financial Services and Credit Companies. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 13, 2011 
Mr. BACA (for himself, Mr. MEEKS, Mr. SIRES, and Mrs. SCHMIDT) intro-
duced the following bill; which was referred to the Committee on Finan-
cial Services 
A BILL 
To create a charter for Federal Financial Services and Credit 
Companies. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘FFSCC Charter Act 
of 2011’’. 
SEC. 2. FINDINGS; PURPOSE. 
(a) FINDINGS.—The Congress finds the following: 
(1) According to the Federal Deposit Insurance 
Corporation, more than 60 million low- and mod-
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erate-income 
consumers 
in 
America 
remain 
unbanked, underbanked, or underserved. 
(2) The proportion of United States households 
that are unbanked varies considerably across racial 
and ethnic groups with certain racial and ethnic 
groups being more likely to be unbanked than the 
population as a whole. Minorities more likely to be 
unbanked include Blacks (21.7 percent of Black 
households), Hispanics (19.3 percent), and American 
Indian/Alaskans (15.6 percent). Racial groups less 
likely to be unbanked are Asians (3.5 percent) and 
Whites (3.3 percent). 
(3) Certain racial and ethnic minorities are 
more likely to be underbanked than the population 
as a whole. Minorities more likely to be underbanked 
include Blacks (an estimated 31.6 percent), Amer-
ican Indian/Alaskans (28.9 percent), and Hispanics 
(24.0 percent). Asians and Whites are less likely to 
be underbanked (7.2 percent and 14.9 percent, re-
spectively). 
(4) Households with income under $30,000 ac-
count for at least 71 percent of unbanked house-
holds. As income increases, the share of households 
that are unbanked declines considerably. Nationally, 
nearly 20 percent of lower-income United States 
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households—almost 7 million households earning 
below $30,000 per year—do not currently have a 
bank account. In contrast, only 4.2 percent of house-
holds with annual income between $30,000 and 
$50,000 and less than 1 percent of households with 
yearly income of $75,000 or higher are unbanked. 
(5) Lack of access to affordable banking prod-
ucts and services deters the economic advancement 
of low- and moderate-income consumers and stunts 
the economic growth of communities in which they 
live. 
(b) PURPOSE.—The purpose of this Act is to estab-
lish a vibrant, safe, and commercially viable market for 
underbanked and unbanked individuals to gain access to 
financial services and products. 
SEC. 3. FEDERAL FINANCIAL SERVICES AND CREDIT COM-
PANY. 
(a) IN GENERAL.—The Comptroller of the Currency 
shall— 
(1) under such regulations as the Comptroller 
of the Currency may prescribe, provide for the orga-
nization, incorporation, examination, operation, reg-
ulation, and chartering of companies to be known as 
Federal Financial Services and Credit Companies 
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