Credit Union Small Business Jobs Creation Act

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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

R RoyceSponsor

94 cosponsors · 69 D, 25 R

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

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.

What it does: CRS summary · Introduced in House · Mar 2, 2015

Credit Union Small Business Jobs Creation Act

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 (Mar 2, 2015): Referred to the House Committee on Financial Services.

Policy area: Finance and Financial Sector · Origin: House · Introduced: Mar 2, 2015

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

No recorded floor vote found.