H.R. 3993 (112th): Capital Access for Small Businesses and Jobs Act

Introduced:
Feb 09, 2012 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee)
Sponsor
Peter “Pete” King
Representative for New York's 3rd congressional district
Party
Republican
Text
Read Text »
Last Updated
Feb 09, 2012
Length
3 pages
Related Bills
H.R. 719 (113th) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: Feb 14, 2013

 
Status

This bill was introduced on February 9, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Feb 09, 2012
Referred to Committee Feb 09, 2012
 
Full Title

To clarify the National Credit Union Administration authority to improve credit union safety and soundness.

Summary

No summaries available.

Cosponsors
45 cosponsors (30D, 15R) (show)
Committees

House Financial Services

Financial Institutions and Consumer Credit

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

 
Primary Source

THOMAS.gov (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here. Data comes via the congress project.

Widget

Get a bill status widget for your website »

Citation

Click a format for a citation suggestion:

Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

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


2/9/2012--Introduced.
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.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

Use the comment space below for discussion of the merits of H.R. 3993 (112th) with other GovTrack users.
Your comments are not read by Congressional staff.

comments powered by Disqus