H.R. 688: Credit Union Small Business Jobs Creation Act

Introduced:
Feb 14, 2013 (113th Congress, 2013–2015)
Sponsor:
Rep. Edward “Ed” Royce [R-CA39]
Status:
Referred to Committee

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was assigned to a congressional committee on February 14, 2013, which will consider it before possibly sending it on to the House or Senate as a whole.

Progress
Introduced Feb 14, 2013
Referred to Committee Feb 14, 2013
Reported by Committee ...
Passed House ...
Passed Senate ...
Signed by the President ...
Prognosis

51% chance of getting past committee.
20% chance of being enacted.

Only 11% of House bills made it past committee and only 3% were enacted in 2011–2013. [show factors | methodology]

Cosponsors
99 cosponsors (71D, 28R) (show)
Committees

House Financial Services

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend the Federal Credit Union Act to provide certain credit unions with the authority to make additional member business loans, and for other purposes.

Summary

No summaries available.

Text

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Last updated Feb 14, 2013.
9 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

2/14/2013--Introduced.
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.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

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