HR 688 · 113th Congress 2013–2015, ended

Credit Union Small Business Jobs Creation Act

Introduced Feb 14, 2013 Originated House Sponsor Edward R. Royce R-CA

Fact sheet

Latest action · Feb 14, 2013 Referred to the House Committee on Financial Services.

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.

  1. IntroducedFeb 14, 2013
  2. Passed HouseNot reached
  3. Passed SenateNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

Credit Union Small Business Jobs Creation Act - Amends the Federal Credit Union Act to prohibit an insured credit union from making any member business loan that would result in the total amount of such loans outstanding at that credit union at any one time exceeding either: (1) 1.75 times the actual net worth of the credit union, or (2) 12.25% of the total assets of the credit union.

Authorizes the National Credit Union Administration Board to approve an application by an insured credit union to make one or more member business loans that would result in a total amount of such loans outstanding at any one time of up to 27.5 % of the total assets of the credit union, if the credit union meets specified safety and soundness criteria. Prohibits an insured credit union that has made such a member business loan but that is not well capitalized from making any new member business loans until it becomes well capitalized and obtains Board approval.

Directs the Board to develop a tiered approval process, including lending standards, under which an insured credit union gradually increases the amount of member business lending in a manner consistent with safe and sound operations.

Directs the Comptroller General to study the status of member business lending by insured credit unions.

Cosponsors 121

Members who signed on, in the order they did. Signatures ran from Feb 14, 2013 to Jun 24, 2014, with 37 there on the day it was introduced.

SeatCosponsorSigned on
D-CAAdam B. SchiffOriginalFeb 14, 2013
R-FLBill PoseyOriginalFeb 14, 2013
D-CABrad ShermanOriginalFeb 14, 2013
D-NYCarolyn McCarthyOriginalFeb 14, 2013
D-MEChellie PingreeOriginalFeb 14, 2013
D-RIDavid N. CicillineOriginalFeb 14, 2013
R-AKDon YoungOriginalFeb 14, 2013
D-OREarl BlumenauerOriginalFeb 14, 2013
D-DCEleanor Holmes NortonOriginalFeb 14, 2013
R-MIFred UptonOriginalFeb 14, 2013
D-MIGary C. PetersOriginalFeb 14, 2013
D-VAGerald E. ConnollyOriginalFeb 14, 2013
D-CAGrace F. NapolitanoOriginalFeb 14, 2013
D-NYGregory W. MeeksOriginalFeb 14, 2013
D-GAHenry C. "Hank" Johnson, Jr.OriginalFeb 14, 2013
Show all 121 cosponsors

Actions 2

Everything that happened, newest first.

  1. Feb 14, 2013Introduced in House
  2. Feb 14, 2013Referred to the House Committee on Financial Services.

Related bills 1

Companion bills and other measures the record links to this one.

BillTitleRelationshipLatest action
S 968Small Business Lending Enhancement Act of 2013Related billMay 16, 2013

Subjects

Assigned by the Library of Congress. Policy area: Finance and Financial Sector.

Text 1

Each version as it was printed, newest first.

  1. Feb 14, 2013Introduced in House

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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.