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FEDERAL CHARTER H.R. 1566 UPDATE

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

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  1. FEDERAL CHARTER H.R. 1566 UPDATE Presenter – Mary Jackson

  2. 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

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