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H.R. 688 · 113th Congress

Credit Union Small Business Jobs Creation Act

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Never voted on. It didn't reach a floor vote before the 113th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

ERR RoyceSponsor
121 cosponsors · 89 D, 32 R
SBD Bishop EBD Blumenauer TBD Bishop SBD Bonamici KCR Calvert SCR Chabot HCR Coble GCD Connolly DCD Cicilline PCR Cook JHR Heck JHD Hahn JHD Huffman WJR Jones HJD Johnson JLD Lewis JLD Larson CMD McCarthy GMD Meeks MMD Michaud TMR McClintock END Norton GND Napolitano TPR Poe GPD Peters CPD Pingree BPR Posey LRD Roybal-Allard BSD Sherman ASD Schiff KSD Schrader SSR Stivers MTD Thompson FUR Upton MWD Waters DYR Young JYD Yarmuth MKD Kaptur JPD Polis JSD Speier PTD Tonko DHR Hunter RHR Hanna LSD Sánchez BBD Braley JDD Dingell JDR Denham AHD Hastings BHR Huizenga JMR Miller DMD Maffei DRR Rohrabacher JSD Serrano KBR Bentivolio CMR Miller TCD Cárdenas SFD Farr EJD Johnson ALD Lowenthal CYR Young MTD Takano AED Eshoo ESD Swalwell RAD Andrews MAR Amodei CBD Brown CCR Collins GGD Green RGD Grijalva BHD Higgins DTD Titus WCD Clay SHD Horsford DIR Issa DLD Lipinski ACD Carson AGD Grayson JHR Herrera Beutler GMD Meng TPR Petri KBD Bass DPD Payne ABD Bera SDD Davis ZLD Lofgren JLD Langevin CSD Shea-Porter JCD Chu LSD Sanchez RBD Barber MCD Cartwright MHD Honda DJR Joyce RND Nolan JBD Beatty JBD Brownley CBD Bustos JCR Culberson SID Israel FWD Wilson GND Negrete McLeod TRD Ryan AKD Kirkpatrick BPD Pascrell CRD Rangel RWR Woodall SPD Peters KCD Castor MLD Lujan Grisham DLR LaMalfa JCD Conyers SDD DelBene BLD Lee DVR Valadao BRD Rush SLD Levin JMD McNerney TRR Reed DKD Kildee RRD Ruiz EPD Perlmutter

37 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

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…

What it does: CRS summary · Introduced in House · Feb 14, 2013

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.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Credit Union Small Business Jobs Creation Act

Latest action (Feb 14, 2013): Referred to the House Committee on Financial Services.

Policy area: Finance and Financial Sector · Origin: House · Introduced: Feb 14, 2013

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.