H.R. 6139 is a proposal that would give the Office of the Comptroller of the Currency (OCC) authority to grant nonbank federal charters. G. Michael Flores argued that the bill would provide the OCC oversight of nonbank charter holders, but that is inaccurate. It gives the OCC power to increase the maximum loan size, the power to disapprove the products and services Federal Charter holders propose to offer “underserved consumers” and small business, and finally they would get enforcement powers limited to products for underserved clients but not any other products charter holders might devise. Fran Bishop testified against the bill on behalf of the National Pawnbrokers Association, arguing that essentially, the bill would allow a few mega-providers to have federal charters, while smaller businesses such as pawn stores and small local banks would be left behind competitively. The OCC is even opposed to the proposal, expressing concerns about safety, consumer protection and difficulty in overseeing new charter holders’ anti-money laundering compliance programs. The Conference of State Bank Supervisors (CSBS) also testified against the bill and raised similar concerns to the OCC. Bishop believes the mega-providers backing the bill are looking to operate nationwide and online without having to comply with state or local licenses and laws. It would create a monopoly at the expense of local providers serving communities.