Capital Access for Small Businesses and Jobs Act
Latest action · Feb 23, 2012 Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedFeb 9, 2012
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Capital Access for Small Businesses and Jobs Act - Amends the Federal Credit Union Act to empower federal credit unions to receive payments, representing equity, on certain uninsured non-share capital accounts, subject to such terms, rates, and conditions as may be established by the board of directors, within limitations prescribed by the National Credit Union Administration Board (Board).
Requires any Board-prescribed system of prompt corrective action to take into account that credit unions rely predominantly (under current law, must rely) upon retained earnings to build net worth.
Redefines "net worth" with respect to any insured credit union (other than a low-income credit union) to include non-share capital accounts, as authorized by the Board, that: (1) do not alter the cooperative nature of the credit union; (2) are uninsured; (3) are subordinate to all other claims against the credit union, including the claims of creditors, shareholders, and the National Credit Union Share Insurance Fund; (4) are available to be applied to cover operating losses of the credit union in excess of its retained earnings and, to the extent so applied, will not be replenished; (5) are subject to maturity limits as determined by the Board; and (6) are offered by a credit union that is sufficiently capitalized and well-managed.
Cosponsors 45
Members who signed on, in the order they did. Signatures ran from Feb 9, 2012 to Dec 30, 2012; 5 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-CA | Bob Filner | Original | Feb 9, 2012 |
| D-CA | Brad Sherman | Original | Feb 9, 2012 |
| D-NY | Gregory W. Meeks | Original | Feb 9, 2012 |
| D-NC | Larry Kissell | Original | Feb 9, 2012 |
| R-TX | Ron Paul | Original | Feb 9, 2012 |
| R-MI | Candice S. Miller | Feb 14, 2012 | |
| D-CA | Jackie Speier | Feb 14, 2012 | |
| D-MO | Wm. Lacy Clay | Feb 14, 2012 | |
| D-OR | Earl Blumenauer | Feb 28, 2012 | |
| R-MI | Fred Upton | Feb 28, 2012 | |
| R-MI | Thaddeus G. McCotter | Feb 28, 2012 | |
| R-FL | Jeff Miller | Mar 7, 2012 | |
| D-CA | Joe Baca | Mar 20, 2012 | |
| D-MI | Hansen Clarke | Mar 21, 2012 | |
| R-CA | John Campbell | Mar 21, 2012 | |
| D-MO | Russ Carnahan | Mar 21, 2012 | |
| D-NJ | Steven R. Rothman | Mar 21, 2012 | |
| D-NY | Charles B. Rangel | Mar 26, 2012 | |
| D-ME | Chellie Pingree | Mar 26, 2012 | |
| R-PA | Jim Gerlach | Mar 26, 2012 | |
| R-FL | Bill Posey | Mar 28, 2012 | |
| D-MI | Dale E. Kildee | Mar 28, 2012 | |
| D-ME | Michael H. Michaud | Mar 28, 2012 | |
| R-NC | Walter B. Jones | Mar 28, 2012 | |
| D-CA | Janice Hahn | Mar 29, 2012 | |
| D-NY | Paul Tonko | Mar 29, 2012 | |
| D-IA | David Loebsack | Apr 17, 2012 | |
| D-NY | Edolphus Towns | Apr 17, 2012 | |
| D-DC | Eleanor Holmes Norton | Apr 17, 2012 | |
| D-NY | Maurice D. Hinchey | Apr 17, 2012 | |
| R-NY | Tom Reed | Apr 17, 2012 | |
| R-NY | Richard L. Hanna | Apr 19, 2012 | |
| R-MI | Dan Benishek | May 10, 2012 | |
| D-HI | Mazie K. Hirono | May 10, 2012 | |
| D-PA | Tim Holden | May 15, 2012 | |
| D-OR | Suzanne Bonamici | May 17, 2012 | |
| D-AZ | Raúl M. Grijalva | May 18, 2012 | |
| R-MI | Dave Camp | May 31, 2012 | |
| D-NM | Martin Heinrich | Jun 7, 2012 | |
| D-CO | Jared Polis | Jun 20, 2012 | |
| D-TX | Gene Green | Jun 28, 2012 | |
| R-NY | Robert L. Turner | Jul 17, 2012 | |
| R-TX | Kenny Marchant | Aug 1, 2012 | |
| D-CA | Grace F. Napolitano | Dec 3, 2012 | |
| D-CA | Adam B. Schiff | Dec 30, 2012 |
Withdrew 1 Christopher P. Gibson R-NY Apr 18, 2012
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Feb 9, 2012 |
| Consumer Protection and Financial Institutions Subcommittee | Referred Feb 23, 2012 |
Actions 3
Everything that happened, newest first.
- Feb 23, 2012Referred to the Subcommittee on Financial Institutions and Consumer Credit.
- Feb 9, 2012Introduced in House
- Feb 9, 2012Referred to the House Committee on Financial Services.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the page H693.
Printed hearings 2
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 112-116 | AN EXAMINATION OF THE CHALLENGES FACING COMMUNITY FINANCIAL INSTITUTIONS IN OHIO102 pages | Financial Services Committee | Apr 16, 2012 |
| Serial No. 112-107 | AN EXAMINATION OF POTENTIAL PRIVATE SECTOR SOLUTIONS TO MITIGATE FORECLOSURES IN NEVADA71 pages | Financial Services Committee | Mar 15, 2012 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To clarify the National Credit Union Administration authority to improve credit union safety and soundness.
- Short Titles as Introduced
- Capital Access for Small Businesses and Jobs Act
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Feb 9, 2012Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
